An audit process flowchart depicts each step an auditor must take when evaluating a company's finances. An auditor's findings may have financial and legal ramifications for a company. As a result, audit diagrams must be extremely detailed and precise. They break down all required audit components and highlight what an auditor must examine throughout the auditing process to ensure that no stone is left unturned. Furthermore, an audit process flowchart helps employees understand what an audit entails and what steps they should take to avoid violating the criteria. Processes such as financial transactions and inventory management are documented and analyzed using audit diagrams. An annual audit is a certified audit of the licensee's internal control records.
