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.
Professionals new to auditing
* Understand the minimum documentation requirements of the SASs * Explain proper filing and indexing of workpapers * Discuss tips and techniques for self-review * Identify workpaper deficiencies * Prepare workpapers in proper form
* Proper documentation as a means of audit quality * Factors impacting the nature and extent of documentation * Sample workpaper index * Use of audit programs as means of audit documentation * Exercise on identifying workpaper deficiencies * Checklist for self-review of workpapers and clearing review notes