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Tips and Tricks for Effective Audit Reviews

Learn valuable tips on how to make the audit review process more productive and effective, including leveraging software for maximum efficiency. Presented by David Bergstein, CPA, CITP, CGMA, and Brian Siet, CPA. Hosted by AccountingWEB.

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Tips and Tricks for Effective Audit Reviews

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  1. 5 Tips and Tricks for ReviewersPresented by:David Bergstein, CPA, CITP, CGMA & Brian Siet, CPAHosted by:AccountingWEBJuly 11, 2013

  2. Objectives • Understand at least 5 key tips and tricks for making the audit review process more productive and effective • Gain insight on how to leverage software to make the review process more productive

  3. Discussion Points • Invest in the planning and risk assessment process • Leverage interim fieldwork • Emphasize the importance of thorough documentation • Plan to leave the field finished • Let the software work for you!

  4. Invest in the Planning and Risk Assessment Process • A failure to plan is a plan to fail! • Proper planning minimizes fear, uncertainty, and doubt • Do not build a budget around a fee • Discuss the risks and relevant assertions with all team members • Financial Statement Level • Specific • Relevant Assertions • Confirm that the audit team members can articulate what they’re doing to address each risk and assertion before fieldwork • Ensure the team understands linkage of procedure to risk • SALY = MILLY

  5. Leverage Interim Fieldwork • Interim fieldwork is an opportunity to reach out to clients and: • Minimize surprises • Help ensure client is “ready” • Improve client relationships • Consider the following for interim: • Roll forward • Complete planning documents/hold planning meeting • Document the firm’s understanding of controls • Preliminary analytical review • Update debt and lease agreements • Test fixed assets • Analyze legal fees • Test controls through interim (if applicable)

  6. Emphasize the Importance of Thorough Documentation • “We can’t staple you to a workpaper!” • Current documentation standard is considered a high standard of documentation • Thorough documentation means: • Documentation is defensible • Improved efficiency in subsequent years • Enhanced understanding of the client • Workpapers don’t have to be pretty, but conclusions do! • Look out for convoluted tickmarking and referencing • Does the workpaper support the conclusion?

  7. Plan to Leave the Field Finished • “We can do that when we get back in the office…” • Review planning prior to fieldwork (Real time review) • Set specific milestones with dates • Schedule time to review in the field, or during fieldwork • Goal – provide client with draft financials as you’re walking out the door • Improved client service

  8. Let the Software Work for You! • Avoid using software to support outdated paper processes • Gaps in sequence • Separate “Permanent File” • Formatting for “printing” • Ask for files electronically (prior to fieldwork) • Use Engagement’s “Shortcut” bar • Notes summary • Sign off summary • Synchronize/Binder Packages for review • Avoid sign off prior to completion of workpapers • Lock workpapers after sign off

  9. What Questions Do You Have for Our Presenter?

  10. Thank You for Attending • For additional questions or to place an order,contact your Account Manager at 800-739-9998. • For more information, visit www.CCHGroup.com/AA. • Presenter David Bergstein, CPA • Phone: 877.202.0729 • Email: david.bergstein@wolterskluwer.com • Presenter Brian Siet, CPA • Phone: 877-400-0092 • Email: brian.siet@wolterskluwer.com We look forward to continuing the discussion on how CCH can help meet your needs.

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