Auditing Procedures & Practices: Audit Documentation

Author: Pat Patterson

This on-demand course will deal with matters affecting audit documentation. Join expert and CPA, Pat Patterson while he addresses the auditor's responsibility to prepare audit documentation for an audit of financial statements.

The presentation will cover the AICPA’s Professional Standards, AU-C Section 230, Audit Documentation. This AU-C Section has as its source SAS No. 122; SAS No. 123; SAS No. 128, and section 9230 for interpretations. These sections are effective for audits of financial statements for periods ending on or after December 15, 2012. The course deals primarily with audits of private businesses and non public entities.

Publication Date: June 2018

Designed For
CPAs who are either auditors in public practice, professionals in businesses being audited, professionals in government, professionals in education, or anyone with a need to understand what audit documentation is about.

Topics Covered

• Nature and Purposes of Audit Documentation
• General Principles and Responsibilities
• The objective of the auditor regarding audit documentation
• Definitions meeting the requirements of generally accepted audit standards, GAAS
• Requirements including timely preparation of audit documentation
• Requirements including documentation of the audit procedures performed and audit evidence obtained
• Form, content, and extent of audit documentation
• Departure from a relevant requirement
• Matters arising after the date of the auditor's report
• Assembly and retention of the final audit file
• Form, content, and extent of audit documentation
• Identification of specific items or matters tested and of the preparer and the reviewer

Learning Objectives

• Recognize and apply the requirements of GAAS
• Identify how to design an audit to enable the auditor to achieve the objectives specified in GAAS
• Describe the overall objectives of the auditor
• Recognize the two things that must be documented if an auditor judges it necessary to depart from a relevant presumptively mandatory requirement
• Identify the release date an auditor should assemble a client's final audit file
• Describe the steps an auditor can take when a regulator requests access to audit documentation pursuant to law, regulation, or audit contract
• Recognize why the AICPA is focused on improving audit documentation
• Differentiate correct statements regarding audit documentation and how they apply
• Describe the form of audit documentation
• Gain a brief review of professional standards
• Identify updates on AICPA Audit Documentation Standards
• Recognize Practical Advice on Audit Docuemtnation

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
General understanding of generally accepted auditing standards.

Advance Preparation
None