Documentation as a means of audit quality Responsibilities of the workpaper reviewer Important tips for providing review 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 SAS 142, Audit Evidence Relevance and reliability of audit evidence and sources of evidence Evaluation of tests of controls and the sufficiency and appropriateness of evidence obtained
Learning Objectives
Discuss the importance of documentation and how it fits in the overall audit quality process, including the various levels personnel in the firm play in workpaper review Discuss tips for an efficient workpaper review process that complies with professional standards, including the evaluation of the sufficiency and appropriateness of evidence obtained from tests of controls and substantive test of details Describe how the workpapers should be complete, accurate, and able to stand on their own and what areas reviewers should focus on in risk assessment, internal control, substantive testing, concluding, and reporting
Major Topics
Documentation as a means of audit quality Responsibilities of the workpaper reviewer Important tips for providing review 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 SAS 142, Audit Evidence Relevance and reliability of audit evidence and sources of evidence Evaluation of tests of controls and the sufficiency and appropriateness of evidence obtained