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Proper documentation is essential to a high-quality audit, as auditors are required to prepare and maintain documentation to demonstrate that sufficient and appropriate audit evidence was obtained to support the auditor’s opinion. It is critical for workpapers to provide a clear understanding of the nature, timing, and extent of procedures applied, the results of those procedures, source of evidence obtained, and conclusions reached. Both audit effectiveness and efficiency are directly impacted by the nature and extent of audit documentation.

Major Topics:

  • Proper documentation as a means of audit quality
  • Factors impacting the nature and extent of documentation
  • Sample workpaper index and other organization tips
  • Use of audit programs as means of audit documentation
  • Checklist for self-review of workpapers and clearing review notes
  • Multiple exercises on identifying workpaper deficiencies

Learning Objectives

  • Discover and discuss the minimum documentation requirements of the audit standards.
  • Identify and discuss tips and techniques for self-review.
  • Recognize and describe common workpaper deficiencies.
  • Explore and explain how to prepare workpapers in proper form.
Last updated/reviewed: June 26, 2021

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Level 1 - Beginning Staff

  1. Professional Skepticism - Creating a Mindset for Finding Fraud and Error
  2. Audit Documentation - Creating Workpapers That Pass Review
  3. Adapting to the Engagement - Differentiating the Requirements of Preparations, Compilations, Reviews, and Audits
  4. The Audit Risk Model - Understanding Foundational Principles
  5. Internal Control Fundamentals - Satisfying Audit Requirements for Evaluating Design and Implementation
  6. Auditing Cash - Applying Basic Skills to the Starting Point of Any Audit
  7. Auditing PP&E, Including Leases under Topic 842 - Digesting the Risks of Improper Treatment of Tangible Long-Lived Assets
  8. Auditing Inventory - Performing Required Observations and Other Common Procedures
  9. Analytical Procedures - Comprehending Financial Statement Audit Fundamentals
  10. Audit Reporting Fundamentals - Introducing Core Concepts in the Audited Financial Statement Drafting and Issuance Process
  11. AICPAs Code of Professional Conduct - Exploring the Foundational Principles Underlying the CPA Profession as a Whole
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services

Prerequisites

Course Complexity: Foundational
No Advanced Preparation or Prerequisites are needed for this course.
Designed For: Professionals who prepare audit or review audit workpapers.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  0:42Learning Objectives for Audit Documentation
  18:32Introduction to Audit Documentation - Creating Workpapers That Pass Review
  9:13More About Audit Documentation
  6:19Filing and Indexing
  5:05Audit Programs as Documentation
  16:10Formatting of Workpapers
  13:00Workpaper Examples
  12:03Exercises in Identifying Workpaper Deficiencies
  6:30Checklist for Self-Review
  4:17Clearing Review Notes
  7:58Strategies for Efficient and Effective Documentation
Continuous Play
  1:39:49Audit Documentation - Creating Workpapers That Pass Review
Supporting Materials
  PDFSlides: Audit Documentation - Creating Workpapers That Pass Review
  PDFAudit Documentation - Creating Workpapers That Pass Review Glossary/Index
Review And Test
  quizREVIEW QUESTIONS
 examFINAL EXAM