Surgent's Reviewing Audit Workpapers On-Demand Webcast

Overview

Audit documentation provides the principal support for the independent auditor's report. Therefore, it is important that workpapers 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. Effective workpaper reviewer is an important part of meeting professional standards at the engagement level as well as the overall firm level. In addition, the workpaper review process should be used as a tool for professional development and promoting efficient audits. This module will provide the tips and tools for satisfying these important workpaper reviewer responsibilities for auditors at the in charge or newer manager levels.

Prerequisites

Experience on basic audit engagements

Objectives

• Discuss the importance documentation and how it fits in the overall audit quality process
• Discuss tips for an efficient workpaper review process that complies with professional standards
• Explain the roles that the various levels in the firm play in workpaper review
• Describe how the workpapers should be complete, accurate, and able to stand on their own.
• Describe areas for the reviewer to focus on in risk assessment, internal control, substantive testing, concluding, and reporting

Highlights

• Documentation as a means of audit quality
• Responsibilities of the workpaper reviewer
• Important tips for providing reviews notes that will promote an effective and efficient financial statement audit
• Appropriate review considerations at various phases of the engagement, including before and after audit report date and report release