PHASES OF AUDIT The planning phase begins when the assigned auditor begins the assignment, usually 1 or more

days before the audit notification letter is issued, and ends when the audit notification letter is issued. During this phase, audit objectives and scope are developed, and management is notified of the planned audit. This phase should be completed at least 15 days before the opening conference. The output (deliverables) of the planning phase are the initial audit objectives, and the audit notification letter to the auditee. Organizing PhaseThe organizing phase begins when the audit notification letter is issued and ends when the opening conference is held. During the organizing phase, the assigned auditor organizes the audit and prepares detailed plans. Also, the assigned auditor develops the preliminary audit program, prepares administrative papers, prepares an agenda for the opening conference, and conducts the opening conference. Preliminary Audit PhaseThe preliminary phase begins upon the conclusion of the opening conference and ends with the approval of the audit program for conducting the audit. Conducting PhaseThe conducting phase of the audit begins with the approval of the audit program and ends with the closing conference. Summarizing PhaseThe summarizing phase begins upon completion of the closing conference and ends when the final report is issued. The activities completed during this phase include: binding and indexing work papers, completing required audit management reports, following up for responses to preliminary audit findings and drafting the final report