Audit Working Papers: Documenting and Reviewing Field Work

Working papers are the building blocks of an audit. If it’s not in the working papers, audit quality may suffer, as the manager and partner might not know about it or its ramifications may not be fully considered. Understand the professional standards regarding working paper documentation. Make this course part of the firm’s quality control system. Learn the fundamentals of working paper preparation – form and content – to make sure audit considerations, work performed, and conclusions reached are properly documented. You will also explore examples which show field work supervisors what factors to consider and what steps to follow when reviewing working papers. In addition, typical working paper deficiencies are explained to help minimize potential liability.

Learning Objectives

Learning Objective: 

When you complete this course you will be able to:

  • Identify professional standards regarding working paper documentation and proper working paper technique.
  • Identify the tasks in supervisory-level reviews of working paper documentation for audit engagements necessary to ensure compliance with current professional standards.

Topics Discussed

Topics Discussed: 
  • Definition of and basic requirements of a working paper
  • Preparing and maintaining working papers
  • Different types of working papers
  • Documenting audit tests
  • Improving working paper technique
  • Working paper basics
  • Conducting the review
  • Common shortcomings of working papers
  • Case study example

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COURSE CODE

AUDW

FIELD OF STUDY

Auditing

CPE CREDIT HOURS

8

KNOWLEDGE LEVEL

Basic

INTENDED AUDIENCE

Staff auditors who create working papers and supervisors/seniors who supervise audit engagements

PREREQUISITE

None

ADVANCED PREPARATION

None

DELIVERY METHOD

Group Live

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aicpalearning@aicpa.org

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