Audit Documentation – Creating Work Papers That Pass Review

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 work paper deficiencies.
• To explore and explain how to prepare work papers in proper form.

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, work papers must meet professional standards. Anything less could result in peer or regulatory review deficiencies in 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 opinions. 

Work papers must provide a clear understanding of the nature, timing, and extent of procedures applied, the results of those procedures, the source of evidence obtained, and the 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 work paper index and other organization tips
• Use of audit programs as means of audit documentation
• Checklist for self-review of work papers and clearing review notes
• Multiple exercises on identifying work paper deficiencies

Click to access more webinars on SHRM & HRCI CPE Courses

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