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Audit Workpapers: How to Document and Review Field Work

Learn the audit risk in documentation and review of field work and how to use different tests in your research.

We have all heard "If it isn't documented, it didn't happen". As auditors, we know documentation is important, but we also have deadlines and realization goals to meet. How much documentation is needed? Staff may become focused on saving a lot of files and doing a lot of work, but do they create audit documentation? Auditing standards have been codified to include SAS 122, SAS 123 and SAS 128 and more amendments have been approved in SAS 134 and SAS 137. Frequently, peer reviewers site the lack of linkage between audit risks and tests performed. According to the Journal of Accountancy article in July 2020, in audit failures, over 80% were caused by the auditor's failure to gather sufficient audit evidence. This topic will help tie all of these problems together. Proper audit documentation provides the documentation required under auditing standards and creates the linkage between audit risks and the tests performed. Proper audit documentation and the proper review of that documentation ensures that sufficient audit evidence has been obtained to support the auditor's decisions and opinion. The material will also explain the importance of audit risk in the documentation and review of workpapers.

Runtime: 89 minutes
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Why Audit?

Documenting Workpapers

  • What Is Required Under the Applicable SASs?
  • Elements of a Working Paper
  • Types of Testing During Field Work and How It Is Documented

Reviewing Audit Workpapers

  • Main Objectives in Reviewing the Workpapers
  • How Much Review Is Needed?
  • When Should the Review Work Be Conducted?
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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on November 2, 2020.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Karen McMurray, CPA, CFE, CICA, CGMA

Karen McMurray, CPA, CFE, CICA, CGMA

Blackburn, Childers & Steagall, PLC

  • Retired partner in the office of Blackburn, Childers & Steagall, PLC
  • Practice emphasizes all aspects of audit, particularly governmental and not-for-profit, also a certified fraud examiner
  • The firm conducts an annual accounting, auditing and tax update in which she has been a regular speaker; she has also been a previous presenter for Lorman
  • Membership information: CPA, certified fraud examiner (CFE), certified internal controls auditor (CICA), and a CGMA
  • B.S. degree, East Tennessee State University
  • Can be contacted at 423-282-4511 or [email protected]
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Product ID: 405171
Published 2020
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