Looking for tips to avoid audit documentation deficiencies? Any CPA firm conducting audits these days likely is. With ever changing regulations around conducting audits added to much stricter rules from the AICPA regarding proper documentation, it is no wonder!
To help, Wolters Kluwer recently presented a webinar on this exact topic. Industry thought leaders Vincent Gaudiuso, Partner at Buchbinder Tunick & Co, and Cathy Rowe, Audit Product Manager at Wolters Kluwer, shared proven tips with the audience regarding how firms can improve the overall level of audit quality that they deliver. Peer review, audit standards and unforeseen litigation all demand good documentation. So documenting efficiently is a necessity! Put simply “work not documented is work not done”.
Every auditor will certainly agree that improving your workflows can and will lead to higher client satisfaction. I would venture to say they would also agree that the technology behind your workflow will either help or hinder your situation. So checking out proven approaches like the Integrated Audit Approach is something you should do if you have not already. The Integrated Audit Approach combines CCH ProSystem fx Engagement, CCH ProSystem fx Knowledge Coach and CCH Accounting Research Manager for the perfect audit workflow.
Webinar Sneak Peak
A very hi-level glimpse of the deficiencies and tips discussed during the hour-long webinar are:
- Deficiency #1 – Linking risk assessment to the work performed. Revisit workpapers every year. Focus on relevant controls.
- Deficiency #2 – Documenting expectations of analytical procedures and the work performed. Determine if a fluctuation is material.
- Deficiency #3 – Documenting audit strategy and audit plan and keeping it updated. Document key decisions to plan and communicate significant issues.
- Deficiency #4 – Communication with those charged with governance. Documentation of verbal communication may include a copy of minutes.
That is just a sneak peak. To uncover the details about the deficiencies and tips, you will have to watch the webinar. It is free, so the only obligation on your part is finding the time. Are you ready to be well on your way to learning the tips that will help you avoid common audit documentation deficiencies? Then watch the webinar recording as soon as you can.