Audit Documentation Requirements (ADR2)
June 27th, 2025 - June 27th, 2025 @ 1:00 PM-2:40 PM
| Member Price |
$109 |
| Non-Member Price |
$139 |
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Credits
2
Description
Audit documentation provides evidence that the audit was planned and performed in accordance with generally accepted auditing standards (GAAS) as well as applicable legal and regulatory requirements. It also serves other purposes such as assisting the engagement team to plan and perform the audit and assisting members of the engagement team responsible for supervision to direct and supervise the audit work and to discharge their review responsibilities. Audit documentation enables the engagement team to demonstrate that it is accountable for its work by documenting the procedures performed, the audit evidence examined, and the conclusions reached. As noted in the auditor's opinion, "The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control." Audit documentation also supports the judgments of the auditor should a lawsuit arise where the auditor is called on to support that professional standards were followed.
Objectives
Discuss the minimum documentation requirements found in professional standards Discuss tips and techniques for self-review Describe common workpaper deficiencies Explain how to prepare workpapers in proper form
Major Subjects
Proper documentation as a means of audit quality Factors impacting the nature and extent of documentation Illustrative workpapers and exercises Use of practice aids and other mechanisms as means of audit documentation Checklist for self-review of workpapers
Prerequisites
None
