Like all the sacraments, Penance is a liturgical action. The elements of the celebration are ordinarily these: a greeting and blessing from the priest, reading the word of God to illuminate the conscience and elicit contrition, and an exhortation to repentance; the confession, which acknowledges sins and makes them known to the priest; the imposition and acceptance of a penance; the priest's absolution; a prayer of thanksgiving and praise and dismissal with the blessing of the priest.
Source: Catechism of the Catholic Church (Vatican.va)