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IMPORTANT ELEMENTS OF THE AUDIT PROCESS


            Risk Assessment Procedures and Related

            Activities (Continued…)



            Procedures include the following:







                                                             Client
                                                          Acceptance             Previous
                                                              and               experience
                                                         continuance            with client
                                                          procedures




                                            Discussion                                    Inquiries of
                                              among                  Observation         management
                                             the audit                                    and others
                                               team






                                                                                                Previous
                                               Analytical                                      experience
                                              procedures                Inspection             with client




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