The scheme of auditing process involves the following :
1. Formulating audit programme on the basis of knowledge of client’s business.
2. Determination of the extent of checking on the basis of compliance procedures.
3. Carrying out the steps in the procedure on the basis of programme and the extent of
substantive checking that may be required.
4. Keeping a record of notes and inquiries and maintenance of working papers.
5. Formulation of opinion about financial statements and review with reference to
accounting standards.
6. Issuance of the audit report.