Auditing Procedures and Practices: Audit Documentation

Author: Pat Patterson

Review new pronouncements from the AICPA's Auditing Standards Board (ASB) up to the date of the course. This presentation will inform participants of the latest issues from the ASB and the AICPA for private entities in the area of documentation. New and revised audit standards, attestation standards, and other new pronouncements about audit documentation will be discussed. The impact of the Coronavirus and the revised auditing standards resulting from COVID-19 will be examined for current application. Any newly released auditing issues will be visited.

Publication Date: July 2022

Designed For
Professionals in public practice, business, industry, government, and education who deal with nonpublic entities and wish to stay current on professional standards of auditing procedures and practices in audit documentation.

Topics Covered

• Nature and Purposes of Audit Documentation
• Audit Documentation ”" Additional Purposes
• Definitions
• Requirements
• Application and Other Explanatory Material
• Documentation of the Audit Procedures Performed and Audit Evidence Obtained
• Documentation of Compliance With GAAS
• Documentation of Significant Findings or Issues and Related Significant Professional Judgments
• Identification of Specific Items or Matters Tested and of the Preparer and the Reviewer
• Assembly and Retention of the Final Audit File
• Documentation in Other AU-C Sections

Learning Objectives

• Recognize the auditing pronouncements that may impact private companies that come from the ASB of the AICPA and to review other new audit releases that may affect the non-issuing entities
• Recognize any new auditing standards recently issued and to review some of the Clarified Auditing Standards that are substantive
• Recognize SASs superseding the existing requirements
• Recognize the statements regarding Statement of Quality Control Standards
• Identify correct statements with respect to AU-C Section 570
• Recognize which SSAE resulted in the completion of the AICPA ASB's Clarify Project
• Identify the date all clarified SASs became effective for audits of financial statements
• Recognize a new element with respect to a firm's system of quality control based on the requirement of QC Section 10
• Describe which basis for the auditor's report the objective of the auditor is to prepare documentation provides
• Identify correct statements regarding the extensiveness of audit documentation for the audit of a smaller, less complex entity vs. a larger, more complex entity
• Recognize what would not be considered a final assembly process that is more administrative in nature

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
Basic understanding of auditing standards

Advance Preparation
None