Audit documentation provides the principal support for an auditor’s report. Therefore, it is critical for workpaper reviewers to perform quality control procedures to ensure that technical, professional, and regulatory standards are met. 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.
Major Topics:
- Documentation as a means of audit quality
- Responsibilities of the workpaper reviewer
- Appropriate review notes at various phases of the engagement, including before and after audit report date and report release
- Important tips for providing reviews notes that will promote an effective and efficient financial statement audit
Prerequisites
Prerequisite: Experience on basic audit engagements.
Designed For: Accountants responsible for reviewing workpapers for audit quality and profitability.
Learning Objective
- Discover and discuss documentation as a means of audit quality.
- Explore and explain critical responsibilities of a first-level reviewer.
- Identify and describe common review notes at various phases of the audit.
Last updated/reviewed: March 23, 2024
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Jennifer Louis
CPA, President of Emergent Solutions Group LLC
INTRODUCTION AND OVERVIEW
- Learning Objectives for Reviewing Workpapers - Embracing Responsibilities for Quality Control 0:30
- Introduction 13:44
- Overview of Levels of Review 15:33
- Quality Control Benefits of Review 18:06
- Reviewing Analytic Workpapers 8:31
- Reviewing Areas of Subjectivity 6:09
- Other Workpaper Review Matters 9:27
- Review Note Best Practices 11:15
- Timing of Review Notes 3:40
- Sole Practitioner Considerations 5:30
- AICPA Frequently Asked Questions 7:38
CONTINUOUS PLAY
SUPPORTING MATERIAL
- Slides: Reviewing Workpapers - Embracing Responsibilities for Quality Control PDF
- Reviewing Workpapers - Embracing Responsibilities for Quality Control Glossary/ Index PDF
REVIEW AND TEST
- REVIEW QUESTIONS quiz
- FINAL EXAM exam
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