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Audit Documentation – Creating Work Papers That Pass Review

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Before starting this self study program, please go through the instructional document.

The topic is also scheduled as live webinar on the following dates

Nov 09, 2021 | 12:30 PM EDT Register

Overview

  • Documentation as a Means of Engagement Quality
    1 mins
  • How Much to Document
    12 mins
  • Potential Significant Audit Issues
    21 mins
  • Audit Programs as Documentation
    36 mins
  • Format for Tests of Details
    53 mins
  • Checklist for Self-Review
    83 mins
  • Strategies for Efficient and Effective Documentation
    94 mins

Course Description

‘If it isn’t documented, it didn’t happen.’ As an auditor, we understand the importance of documentation. Audit documentation provides the principal support for the independent auditor’s report. Therefore, workpapers must meet professional standards. Anything less could result in peer or regulatory review deficiencies at as a worse case, lawsuits when fraud occurs at a company. The auditor is not responsible for identifying fraud. But the auditor is responsible for planning and performing the audit to obtain reasonable assurance that the financial statements are free from material misstatement due to fraud or error. 

Proper documentation is essential to a high-quality audit, as auditors are required to prepare and maintain documentation to demonstrate that sufficient and appropriate audit evidence was obtained to support the auditor’s opinion. Proper audit documentation and the proper review of that documentation ensure that sufficient audit evidence has been obtained to support the auditor's decisions and opinion. 

It is critical for workpapers to provide a clear understanding of the nature, timing, and extent of procedures applied, the results of those procedures, source of evidence obtained, and conclusions reached. Both audit effectiveness and efficiency are directly impacted by the nature and extent of audit documentation. 

The Online Continuing Education Auditing Webinar covers the following Major Topics:

  • Proper documentation as a means of audit quality
  • Factors impacting the nature and extent of documentation
  • Sample workpaper index and other organization tips
  • Use of audit programs as means of audit documentation
  • Checklist for self-review of workpapers and clearing review notes
  • Multiple exercises on identifying workpaper deficiencies


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Learning Objectives

  • To discover and discuss the minimum documentation requirements of the audit standards.
  • To identify and discuss tips and techniques for self-review.
  • To recognize and describe common workpaper deficiencies.
  • To explore and explain how to prepare workpapers in proper form.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Auditors
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

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