Preparing and Reviewing Workpapers - Essential Tips for Avoiding Deficient Audit and Other Attest Engagements

Overview

Workpapers are the primary support for findings, conclusions and opinions on any audit or other attest engagement.  This course will provide the essential tips and techniques for ensuring workpaper documentation is of a high quality, yet efficient, nature.

Prerequisites

None

Objectives

• Identify minimum documentation requirements contained in the SSARSs, SASs and SSAEs
• Explain best practices for preparing and reviewing workpapers to ensure an effective and efficient engagement
• List the quality control standards and guidance related to a CPA firm’s responsibilities for its system of quality control over the audit practice
• Apply techniques in case studies and examples for preparing and reviewing workpapers

Highlights

• Best practices for documenting complex and subjective procedures and conclusions, such as estimates, substantive analytic procedures, etc. that impact the nature and extent of audit documentation needed to support audit conclusions
• Discussing the financial statement audit risk concept, including how proper application better ensures a higher quality audit
• Tips for an efficient workpaper review process that complies with relevant standards 
• Understanding the quality control standards and guidance related to a CPA firm’s responsibilities for its system of quality control
• Explain the importance of establishing, applying, and monitoring quality control policies and procedures related to audit documentation