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. But, even sole practitioners must be concerned about complying with quality control standards and proper ethical conduct. This course will provide tips and techniques for effective and efficient review of audit workpapers, the success of which heavily depends on an auditor’s proper application of critical financial statement audit concepts such as assessing audit risk, applying strong substantive analytical procedures, and evaluating areas of estimates and uncertainty.
Public accounting professionals with audit supervision and review responsibilities.
- Describe the most important financial statement audit documentation requirements
- Discuss areas of critical auditor judgments that impact the nature and extent of audit documentation needed to support audit conclusions
- Explain the importance of establishing, applying, and monitoring quality control policies and procedures related to audit documentation
- Be familiar with the results of the numerous case studies, exercises and illustrations that reinforce key learning points throughout the course
- Understand the quality control standards and guidance related to a CPA firm’s responsibilities for its system of quality control over the audit practice
- Primary purpose of audit documentation, and minimum documentation requirements
- Tips for an efficient workpaper review process that complies with relevant standards
- How to audit financial statement areas that commonly contain significant judgments or conclusions that require strong supporting audit documentation, including when consultations may be appropriate (e.g., substantive analytical procedures and estimates)
- Discussing the financial statement audit risk concept, including how proper application better ensures a higher quality audit
- Considering ethics as a critical element of high-quality workpaper reviews
- Critical role of the engagement partner related to the overall quality of an engagement
- Responsibilities of the engagement quality control reviewer in evaluating the significant judgments the engagement team made and conclusions reached in formulating the report
- Importance of monitoring compliance with engagement quality control policies and procedures
Involvement in supervision, review or other quality control functions.
Course materials are distributed electronically and we’ve passed the savings along to you - registrants save $20 on all 8-hour seminar pricing. To access the materials visit My Events
. Download to your laptop or tablet prior to the seminar, handouts are added as received.
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Carl F. Shultz, CPA, M.B.A., CGMA
Surgent Professional Education
Carl Shultz is an MBA, CPA, and CGMA. He has extensive experience serving as a financial executive with Fortune 500 companies and “Big Four” public accounting firms; consulting for small-to-large companies and individuals; and leading a range of accounting and financial functions. Carl has played a key role in building new companies and key financial functions to improve net income, install controls, audit functions, and manage large complex projects to successful, timely completion on or under budget. Currently, Carl provides financial and tax preparation and planning to individuals and small businesses. He is also Managing Director of CFS Consulting, LTD, which provides financial, internal control, and administrative consulting services. He is an adjunct professor of accounting at Rider University and Philadelphia University. Carl has also lectured at professional seminars and to groups on financial accounting and tax matters. He has published in such professional journals as Taxation for Accountants, Taxation for Lawyers, and Controller’s Quarterly. Carl is a graduate of La Salle University with a degree in Accounting, and has also earned an MBA degree from Drexel University in Finance and Accounting. Carl is a decorated veteran of the Vietnam War, where he served as an officer in the U.S. Army.