With progressively more complex accounting standards and updated Canadian Auditing Standards (CAS), file reviews have become more difficult and more important than ever before in audit practices. This course focuses on methodologies for ensuring efficient and effective reviews of working papers for audit engagements. Participants will learn processes for performing and documenting a review of working paper files at different review levels. The relationship between the review process and the requirements for file reviews under CAS will also be discussed in detail.

What You Will Learn

By the end of this course, participants will be able to:

  • Explain the relationship between the review process and the requirements for file reviews under CAS
  • Describe the audit documentation requirements of CAS 230 Audit Documentation and other CAS
  • Explain the different approaches to file reviews depending on the type of review performed (as outlined in Canadian Standard on Quality Control #1)
  • Explain the step-by-step approach when performing a detailed review of working paper files
  • Describe how to prepare file review notes to both achieve engagement quality control and provide constructive, positive feedback to file preparers
  • List the most commonly occurring file deficiencies
  • Explain the principal factors that can lead to preparing an inefficient file

What Topics Are Covered

  • File review requirements under CAS
  • Audit documentation requirements under CAS
  • Helpful tips and techniques to use when reviewing working papers
  • File review problems encountered in practice
  • Preparing and delivering file review notes to file preparers
  • Reviewing a file for efficiency purposes
  • Using checklists when reviewing

Who Will Benefit

Experienced professionals interested in improving their file review skills.