Objectives
• Recall minimum documentation requirements contained in the SASs
• Explain best practices for preparing and reviewing workpapers to ensure an effective and efficient engagement
• Apply techniques in case studies and examples for preparing and reviewing workpapers
Major Topics
• The primary purpose of workpaper documentation, and minimum documentation requirements for workpaper preparers
• Best practices for documenting complex and subjective procedures and conclusions, such as estimates, substantive analytic procedures, etc. that impact the nature and extent of audit documentation needed to support audit conclusions
• Discussing the financial statement audit risk concept, including how proper application better ensures a higher quality audit
• Tips for an efficient workpaper review process that complies with relevant standards
