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Audit Workpapers: How to Document and Review Field Work

presented by Lorman Education Services
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Summary

Audit Workpapers: How to Document and Review Field Work

Workshop Description/Agenda

Learning Objectives
Learning Objectives * You will be able to define why documentation of workpapers is essential. * You will be able to describe different types of testing and documentation. * You will be able to discuss the changes that are coming with SAS 134 and 137 that will impact documentation. * You will be able to explain why your audit risk may change throughout the engagement with the documentation of the field work and result in changes to the testing and documentation.

Benefits
Learn the audit risk in documentation and review of field work and how to use different tests in your research. We have all heard If it isnt documented, it didnt happen. As auditors, we know documentation is important, but we also have deadlines and realization goals to meet. How much documentation is needed? Staff may become focused on saving a lot of files and doing a lot of work, but do they create audit documentation? Auditing standards have been codified to include SAS 122, SAS 123 and SAS 128 and more amendments have been approved in SAS 134 and SAS 137. Frequently, peer reviewers site the lack of linkage between audit risks and tests performed. According to the Journal of Accountancy article in July 2020, in audit failures, over 80 were caused by the auditors failure to gather sufficient audit evidence. This topic will help tie all of these problems together. Proper audit documentation provides the documentation required under auditing standards and creates the linkage between audit risks and the tests performed. Proper audit documentation and the proper review of that documentation ensures that sufficient audit evidence has been obtained to support the auditors decisions and opinion. The material will also explain the importance of audit risk in the documentation and review of workpapers.

Agenda
Why Audit? Documenting Workpapers ï What Is Required Under the Applicable SASs? ï Elements of a Working Paper ï Types of Testing During Field Work and How It Is Documented Reviewing Audit Workpapers ï Main Objectives in Reviewing the Workpapers ï How Much Review Is Needed? ï When Should the Review Work Be Conducted?

Faculty
Karen McMurray, CPA, CFE, CICA, CGMA with Blackburn, Childers & Steagall, PLC

Credits
AIPB ,CPE ,Additional credit may be available upon request.

Who Should Attend

This live webinar is designed for accountants, CPAs, CEOs, presidents, vice presidents, CFOs, controllers, business owners and managers, bookkeepers, tax preparers, and enrolled agents.

Additional Information

Training Provider: Lorman Education Services

Course Topics: Accounting Training > Auditing

Training Course Summary: Audit Workpapers: How to Document and Review Field Work