CPE: 8 hours
Category: Accounting & Auditing
Advanced prep: None
Who should attend: Staff auditors who create workpapers and supervisors/seniors who supervise audit engagements
Workpapers are the building blocks of an audit. If it’s not in the workpapers, the manager and partner might not know about it or consider its ramifications. A badly prepared workpaper is a time-waster for managers and partners, so training in proper workpaper preparation is critical. Make this course part of the firm’s quality control system. Learn the fundamentals of workpaper preparation – form and content – to make sure everything is properly documented. You will also explore examples which show field work supervisors what factors to consider and what steps to follow when reviewing workpapers. In addition, typical workpaper deficiencies are explained to help minimize potential liability.
When you complete this course you will be able to:
• Apply basic standards regarding workpaper documentation and proper workpaper technique.
• Identify the tasks in supervisory-level reviews of workpaper documentation for audit engagements necessary to ensure compliance with current professional standards.
• Essential components of a workpaper
• Preparing and maintaining workpapers
• Different types of workpapers
• Documenting audit tests
• Improving workpaper technique
• Conducting the review
• Common shortcomings of working papers
• Reviewing analytical procedures