What is Audit Cycle?
The audit cycle is the structured sequence of steps an auditor follows to plan, execute, and conclude an audit engagement — from client acceptance through final report issuance.
How It Works
- Plan: assess risk, materiality, and scope.
- Fieldwork: test controls and substantive balances.
- Conclude: review evidence, issue opinion, document workpapers.
Saudi Context
SOCPA-licensed audit firms in Saudi Arabia follow IAASB standards as adopted by SOCPA. The CMA mandates timely external audit for Tadawul-listed firms within 90 days of year-end.
Example
A Saudi audit firm plans Q3 fieldwork, completes substantive testing in October, and issues a clean opinion before the CMA filing deadline.