Are You Over Auditing and Wasting Time?
Are you over auditing? In this article, I explain how you can stop over auditing and wasting precious time….
Auditors create work papers to document their work. This body of work is basis for proper audit opinions. Below I provide work paper tips to help you create clear communications.ย
A common peer review finding for CPA firms is a lack of sufficient documentation. The peer reviewer gives no credit if the work is not documented. And this can result in findings in the review.
Therefore, create work papers that communicate clearly what is done.ย
All too often planning deficiencies result in peer review findings. Many auditors check the boxes on planning forms but donโt really audit. But completing forms is not the same as auditing. So as you create your file, remember plan first, and then respond.ย
In other words, perform risk assessment procedures such as walkthroughs. Then assess risk. And, next, create your audit plan. Only then should you perform substantive procedures.
Itโs the details that often make the difference in good work and poor work. Therefore, I am providing tips for better work paper documentation.
Here are steps for better work papers:
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