Reviewing Workpapers: Embracing Responsibilities for Quality Control

Learning Objectives

• To discuss documentation as a means of audit quality.
• To explain the critical responsibilities of a first-level reviewer.
• To describe common review notes at various phases of the audit.
• 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.’ 

Auditors 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. However 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. 

Audit documentation provides the principal support for an auditor’s report. Therefore, work paper reviewers must perform quality control procedures to ensure that technical, professional, and regulatory standards are met. In addition, the work paper review process should be used as a tool for professional development and for promoting efficient audits. 

This CPE Auditing webinar will provide the tips and tools for satisfying these important work paper reviewer responsibilities.

Major Topics Covered in this Online CPE Webinar:

• Documentation as a means of audit quality.
• Responsibilities of the work paper reviewer.
• Quality Control Benefits of Review.
• Reviewing Analytic Workpapers.
• Reviewing Areas of Subjectivity.
• Appropriate review notes at various phases of the engagement, including before and after the audit report date and report release.
• Important tips for providing review notes that will promote an effective and efficient financial statement audit.
• Sole Practitioner Considerations.
• AICPA Frequently Asked Questions.

If you are interested in full-day CPE-approved courses, explore HERE. 

Overview

• Documentation as a means of audit quality

  3 mins
• Important aspects of review

  15 mins
• Typical manager or partner review

  25 mins
• Additional beneficial outcomes for review

  46 mins
• Is this a good review note?

  76 mins
• Tips for sole practitioners

  88 mins