dit approa background informatic FIGURE 12-13 clients legal obligations Summary of the d internal control Audit process HASE II rm tests of assessed level Perform tests of controls Perform substantive tests Assess likelihood。f tements in financial PHASE III Medium High Pests of detai of balances of details of balance PHASE IV Review for contingent liabilities Review for subsequent events Evaluate results Issue audit rep。rt Arens, Loebbecke; Auditing, 8/E @2000 Prentice hall.IncArens, Loebbecke; Auditing, 8/E ©2000 Prentice Hall, Inc. FIGURE 12 - 13 Summary of the Audit Process