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
Involvement in supervision, review, or other quality control functions
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.