1. Understand the business of the entity. 2. Understand the regulation under which audit is required for the entity. 3. Obtain access to the underlying financial records viz., books of accounts, bank statements etc. 4. Review the transactions which have been recorded in each of the ledgers. 5. Prepare audit schedules in the manner so required by auditors (as per their requirement list). 6. On performing the above steps if any deviation from accounting principles are noted then such deviations are discussed with the entity along with suitable remediation/rectification. The rectifications discussed are then incorporated in the books of accounts by the entity. 7. Prepare the financial statements after finalising (giving effect to above rectifications, if any) the profit and loss and balance sheet ledgers in the books of accounts. 8. Share the financial statements along with the complete audit schedules with the auditors for them to carry out their audit procedures. 9. Discuss with the auditors on observations which they may have and coordinate with the entity for responses on those observations. 10. Liaison between the auditors and the entity for the audit report to be issued.

1. Trial balance for the period under audit. 2. Copies of the general ledger and sub ledger reports/data dumps. 3. Access to books of accounts. 4. Any document/contract which may be required in the process of preparing audit schedules. 5. Any other information which may be required on a time to time basis.