I work most exclusively in Yew, so here is a very basic description of the process I use. I am sure there are far better and more thorough descriptions elsewhere on this site. Every bowyer develops their own favorite procedure, and that procedure will vary a bit from bow to bow.
1) scrape the back (sapwood) to one growth ring as much as possible, allowing for knots and other imperfections.
2) Mark out my desired bow shape and start using my spokeshaves (I don't often use my draw knives unless the stave is way oversized) on the belly, doing floor tillering until the wood starts to bend enough to use the tillering fixture.
3) Shave the edges to a bit outside my layout lines. I have a small palm plane that I use for this, unless the bow has wavy edges.
4) Continue removing belly wood until within about about 6" of my draw length.
5) At this point, almost all the rest is done with a cabinet scraper. Yew is soft and easy to work - I have actually made bows using only scrapers.
6) When within a few inches, I bring the edges to my layout lines rounding the edges - if I can do so without getting the weight too low. If I get overambitious on the belly, then I will leave the bow a bit "fat".
7) I then continue on the belly until within an inch or so, then fine tune on the edges to my final draw length. I don't mind going slightly past my layout lines.
If I have to remove more from the belly, I do so extremely carefully. Removing wood from the belly has far more effect than removing it from the edges. It is easy to end up with an underweight bow.
9) Sanding/burnishing does not seem to have much effect on the draw weight -possibly because my scrapers leave almost a glass smooth surface.
Bill