With DreamAudit, the Audit engagement has been broken down into 5 key stages, so you can have a precise overview over each step, every step of the way. This structure allows all users to fulfil audit engagements in a structured order and with the same audit approach. Use the same audit framework for all audit engagement types.
1. Perform Preliminary Engagement Activities.
Check pending issues, ethical behaviour, acceptance, continuance of the audit engagement & generate engagement letters. You can also update the permanent audit folder in this step.
2. Perform Risk Assessment Procedures.
In this step, we can work on Pervasive Risks, Assertions Levels, Internal Control folders, Accounting data, Financial Statements & Analytical Reviews.
3. Design Overall Responses and Further Audit Procedures.
Develop the Risks Matrix, Materiality Levels, the Budget as well as developing your work program and generating the Audit Plan.
4. Implement Responses to Assessed RMM.
Analyze your Points to Review, Physical Inventories and Journal Entries. You can also generate your working papers and fulfill any additional audit work.
5. Conclusion & Reporting.
Fill out your summary of responses to assessed RMM, summarize your reviewed tasks and audit adjustments. Generate your Representation Letter and give your opinion on your findings in order to close your audit engagement.