Which of the following is NOT a step in the audit process?

The audit process typically involves specific, structured steps that help ensure a thorough and effective evaluation of compliance, financial records, or operational efficiency. Planning is crucial as it sets the stage for the audit, enabling the auditors to identify objectives, scope, and methodologies. Fieldwork is where the actual data collection and analysis takes place, allowing auditors to gather evidence to support their findings. Finally, the stage of findings and recommendations is critical, as it involves analyzing the data collected during fieldwork and summarizing results to inform stakeholders and suggest improvements or changes.

Termination, however, is not a recognized step within the structured audit process. While audits will have a conclusion or wrap-up phase where all findings are compiled and presented, "termination" implies an ending of the audit for arbitrary reasons, rather than as part of a defined audit methodology. Therefore, identifying it as a step could imply an inaccurate view of the audit process. Understanding the specific steps and their relevance helps practitioners recognize the importance of each phase in achieving a comprehensive audit outcome.