Surgent's Reviewing Audit Workpapers

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. (Please Note: This module is part of Surgent’s Audit Skills Training: Level 3.)

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

Prerequisites

Experience on basic audit engagements

Designed For

Auditors responsible for reviewing workpapers for audit quality at the in charge or newer manager level.

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

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.