Mastering Audit Documentation

Author: Salvatore Collemi

This course will cover the key requirements of the AICPA’s Professional Standards’ AU-C Section 230, Audit Documentation. Audit documentation is the written record of the audit procedures applied, evidence obtained, and conclusions reached that support the audit engagement team’s representation that the audit was performed in accordance with auditing standards generally accepted in the United States of America (U.S. GAAS) and opinion expressed on the audited financial statements. The style, extent, and form of audit documentation varies considerably; there is no single universal approach. This course will explain and clarify the documentation that is needed in order to comply with Professional Standards and focus on techniques and best practices to audit workpaper organization and preparation that are efficient and effective for most audit engagements.

Publication Date: December 2023

Topics Covered

• Introduction
• Audit Documentation Myths and Reality
• Definitions
• What is Audit Documentation?
• Audit Documentation Requirements
• Common Audit Deficiencies
• Common SSARS Review Deficiencies
• Common Compilation Deficiencies
• Strategies to Increase Audit Quality
• Preparing for Busy Season and Peer Review
• Resources

Learning Objectives

• Identify and apply the audit documentation requirements under U.S. GAAS
• Identify the report release date and assembling the final workpaper files
• Describe the steps a CPA firm can take when a regulator requests access to audit documentation pursuant to standards, laws, regulations, etc.
• Describe the form of audit documentation
• Identify best practices and efficiencies in setting up master files to bring in consistency and uniformity to audit workpapers in CPA firm audit practice

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
General knowledge of audit documentation requirements under the AICPA Professional Standards

Advance Preparation
None