Audit processes revolutionized: Risk factors drive efficient audit planning.
The traditional audit process involves creating a plan to audit different parts of a company or organization. This plan includes specific steps to achieve audit goals, like looking at risks such as changes in the company, how automated processes are, and the size and complexity of transactions. Auditors spend a lot of time planning audits before actually doing them. Once the plan is approved, each auditor follows their assigned steps to complete the audit.