The following are parts of a typical audit for a company with a fiscal year-end of July 31.

1. Confirm accounts payable.

2. Do tests of controls and substantive tests of transactions for the acquisition and payment and payroll and personnel cycles.

3. Do other tests of details of balances for accounts payable.

4. Do tests for review of subsequent events.

5. Accept the client.

6. Issue the audit report.

7. Understand internal control and assess control risk.

8. Do analytical procedures for accounts payable.

9. Set acceptable audit risk and decide preliminary judgment about materiality and tolerable misstatement.

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