ERAW
EFFECTIVELY AND EFFICIENTLY REVIEWING AUDIT WORKPAPERS: THE LINE OF DEFENSE AGAINST DEFICIENT AUDITS
Reviewing workpapers is a critical internal quality control safeguard that ensures issued audit reports are appropriate given the specific engagement's circumstances. There is a presumption that more experienced engagement team members should review work performed by less experienced staff. The objective of this course is to provide tips and techniques for effective and efficient review of audit workpapers. Major Topics
- Understanding the quality control standards and guidance related to a CPA firm’s responsibilities for its system of quality control over the audit practice
- The primary purpose of audit documentation, and minimum documentation requirements
- Tips for an efficient workpaper review process that complies with relevant standards
- Emphasizing common significant judgments or conclusions that require strong supporting documentation, including when consultations may be appropriate
- Considering ethics as a critical element of high-quality workpaper reviews
- The critical role of the engagement partner related to the overall quality of an engagement
- The responsibilities of the engagement quality control reviewer in evaluating the significant judgments the engagement team made and conclusions reached in formulating the report
- Tips for handling differences of opinion
- The importance of monitoring compliance with engagement quality control policies and procedures
Designed For: Public accounting professionals with audit supervision and review responsibilities
Level of Knowledge: Intermediate
Prerequisites: Appropriate for audit professionals involved in supervision, review or other quality control functions
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