Published: August, 2021
‘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:
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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
President, Emergent Solutions Group LLC
Jennifer F. Louis, CPA has over 25 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success. In 2003, she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical, and engaging accounting and auditing training. She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. Besides loving life on the lake with her husband in Charlotte, NC, she enjoys hiking with her little dog Frodo Beggins, and savoring any precious moments spent with her two young adult boys.
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