Which phase of the audit is referred to as "field work"?

The "field work" phase of an audit is termed as the Performance Phase. During this phase, auditors collect evidence, conduct interviews, and observe processes on-site to evaluate compliance with established standards and procedures. This active engagement is critical for gathering insights into the real-time effectiveness and operations of the entity under review. The Performance Phase is when the theoretical knowledge and planning from previous stages are put into practice, allowing auditors to verify claims and assess operational practices against documented policies.

In contrast, the Preparation Phase focuses on planning the audit, including determining the audit scope and objectives, identifying necessary resources, and developing an audit plan. The Reporting Phase follows field work and involves compiling findings into reports, which summarize the audit results and provide recommendations. Lastly, the Corrective Action Phase occurs after the audit findings are reported, involving actions taken to address any identified issues. Understanding these distinctions aids in recognizing the importance of each phase in the audit process.