['Step 1: Define Audit Objectives. ... ', 'Step 2: Audit Announcement. ... ', 'Step 3: Audit Entrance Meeting. ... ', 'Step 4: Fieldwork. ... ', 'Risk Issue Levels: During the course of audit work performed, identified risks are rated as High, Moderate or Low. ... ', 'Step 5: Reviewing and Communicating Results. ... ', 'Step 6: Audit Exit Meeting. ... ', 'Step 7: Audit Report.']