Surgent's Avoiding Audit Documentation and Engagement Wrap-Up Deficiencies

 

   

 

 
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Overview

2.0 Credits

Important activities occur during the engagement wrap-up phase of the engagement that support the auditor's opinion regarding whether the financial statements are materially misstated due to fraud or error. Insufficient audit documentation and engagement wrap-up can result in audit deficiencies that negatively impact audit effectiveness and efficiency. Appropriate quality control procedures can mitigate risk of noncompliance with relevant professional and regulatory standards.

Objectives

  • Give tips for performing quality workpaper reviews and other quality control monitoring
  • Explain important engagement quality control requirements
  • Discuss how to increase the timeliness of engagement wrap-up
  • Apply audit-report dating requirements

Major Topics

  • Leverage the workpaper review process to ensure compliance with audit documentation standards
  • Emphasize the importance quality control monitoring to identify deficiencies in compliance with professional and regulatory standards
  • Suggestions to mitigate "real-life" audit report dating issues/concerns encountered by audit firms (e.g., issuing multiple audit reports with an appropriate audit report date, subsequent events identified after audit report date but prior to report release date, sufficiently fulfilling the document completion date requirements, management representation letter dating, evaluating the sufficiency of attorney's letter responses, etc.)
  • How Yellow Book and Single Audit standards influence general audit procedures and issuing audit reports

Designed For

Anyone who supervises audits or is responsible for quality control
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