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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

 

Learning Objectives

  • 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: June 7, 2021

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Level 3 - In-Charge/ Senior

  1. Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities
  2. Reviewing Workpapers - Embracing Responsibilities for Quality Control
  3. Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit
  4. Internal Controls to Mitigate Financial Reporting Risk - Designing Stronger Internal Controls for Small or Mid-Size Entities
  5. Auditing Revenue Recognition - Grasping the Higher Risks and Special Audit Considerations
  6. Auditing Contingencies and Going Concern Uncertainty - Testing for Completeness and Proper Disclosure
  7. Audit Reporting Advanced Concepts - Understanding the Impact of General Audit Procedures on Disclosures and Audit Report Modifications
  8. Critical Traits of a Thinking Auditor - Stretching Experienced Auditors Beyond the Basics
  9. Client and Engagement Management - Managing the Black Holes that Erode Profitability
  10. Supervisor Skills - Coaching Staff to Stay on the Right Track
  11. Professional Ethical Considerations for CPAs
  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: Intermediate

Prerequisite: Experience on basic audit engagements.
Designed For: Accountants responsible for reviewing workpapers for audit quality and profitability.

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
  0:30Learning Objectives for Reviewing Workpapers - Embracing Responsibilities for Quality Control
  13:44Introduction
  15:33Overview of Levels of Review
  18:06Quality Control Benefits of Review
  8:31Reviewing Analytic Workpapers
  6:09Reviewing Areas of Subjectivity
  9:27Other Workpaper Review Matters
  11:15Review Note Best Practices
  3:40Timing of Review Notes
  5:30Sole Practitioner Considerations
  7:38AICPA Frequently Asked Questions
CONTINUOUS PLAY
  1:40:03Reviewing Workpapers - Embracing Responsibilities for Quality Control
SUPPORTING MATERIAL
  PDFSlides: Reviewing Workpapers - Embracing Responsibilities for Quality Control
  PDFReviewing Workpapers - Embracing Responsibilities for Quality Control Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM