Audit workpapers are critical in documenting evidence that supports the auditor's objectives, procedures, findings and recommendations.
This module will discuss audit workpapers.
This course includes an examination.
- Discuss the different uses for audit workpapers
- Accurately document and file workpapers
- Develop a risk-based annual audit plan
- Use electronic means to automate some workpaper functions
- Purpose of Audit Workpapers
o What do workpapers do?
o Consider the user
- Guidelines for Workpaper Documentation
o Reporting on financial information
o Permanent audit files
o Preparation techniques
o Review process
o Ownership, custody, and retention
o Tick marks
o Common deficiencies
o Current and permanent files
o Continuing audit files
o File contents
- Annual Audit Plan Development Based on Risk
o What is risk?
o What is risk assessment?
o What are the advantages to completing a risk assessment?
o How do you complete a risk assessment?
- Electronic Audit Workpapers
o Are they a fit for your organization?
o Evaluation of existing technology
o Standardized templates
o Additional tools
- Workpaper examples and resources
o The audit process
o Audit committee approval
o Loan processing
o Permanent file index
o Preliminary survey and project procedure list
o Internal audit questionnaire
o Standard tick mark legend
o Sampling plan
o Summary of confirmation statistics
o Audit point and recommendation sheet
o Audit report
o Audit report acceptance memorandum
o Findings monitored