Audit Working Paper Templates
Overview:
Introducing ProBetaā€™s Audit Working Paper Template Hub: An audit firmā€™s guide to compliance with International Standards on Auditing and Documentation within the audit file.
In auditing, a lot of time is spent on creating working papers to document audit evidence obtained, and aligning working papers from different individuals with firm standards may be time consuming. We have a solution!
This comprehensive Audit Working Paper Template Hub provides a complete package of Word and Excel templates for documenting your audit evidence. These templates can be implemented as firm templates to create consistency in the audit evidence produced by team members. It also provides guidance on the requirements of the standards that impacts the working papers and the documentation requirements.
Firms can also use this as a training and communication tool to ensure that team members are aware of the requirements of the auditing standards and how these requirements translate to documentation.
Audit Methodology Word Manual
Audit Methodology Manual
- Introduction video
- Audit Methodology Word Manual
Introduction to the Audit Methodology Word Manual
Introduction to the manual
Warning
Disclaimer
Guidance for using this manual
Fundamental Principles in an audit
Objective of an audit
Risk based approach
Pervasive requirements
Assertions
Documentation
Financial reporting framework
Quality Management
Client acceptance and continuance
Introduction
Acceptance and Continuance of client relationships
Relevant ethical requirements
Pre-conditions and engagement terms
Engagement letter
Information obtained after acceptance
Planning activities
Introduction
Development of the audit strategy
Determining Materiality
Audit Plan
- Risk assessment procedures - Identifying risks
- Risk Assessment procedures
- Inquiries - The entity and its environment
- Inquiries - Applicable financial reporting framework
- Inquiries- Entity level Internal Control Elements
- Inquiries- Related parties
- Inquiries- Accounting estimates
- Inquiries- Going concern
- Inquiries- Fraud
- Inquiries- Laws and regulations
- Analytical procedures
- Fraud risk assessment
- System descriptions and walkthroughs
- Risk assessment procedures - Documenting and evaluating risks
- Risk of material misstatement at the financial statement level
- Risk of material misstatement at assertion level
- Significant risks
- Control risk
- Stand back provisions
- Direction, supervision and reviewĀ
- Discussions among the engagement team
- Responses to identified risks - Further audit procedures
- Overall responses
- Assertion level responses
- Considering the work of internal audit
Execution
Selecting items for testing and audit sampling
Substantive procedures
Analytical procedures
- Test of controls
- Test of controls
- Relying on controls at service organisation
- Specific considerations
- Consultation during the audit engagement
- Differences of opinion
- using the work of a management`s expert
- Using the work of an auditor`s expert
- Obtaining external confirmations
- Misstatements identified
- Estimates
- Opening Balances
- Journals
- Financial statement preparation
- Laws and regulations
- Auditing sections - Financial statement areas
- Revenue
- Cost of sales
- Other Income
- Employee costs
- Other expenses
- Finance costs
- Interest income
- Property, Plant and Equipment
- Investment Property
- Biological assets
- Intangible assets
- Other financial assets
- Leases
- Inventory
- Trade receivables
- Cash and cash equivalents
- Equity and Companies Act
- Borrowings
- Trade payables
- Commitments, contingencies and provisions
- Other financial liabilities
- Tax
- Related parties
- Ā Financial statement preparation areas
- Financial statements detail tie in
- Cashflow statement
- Disclosure checklist
- Subsequent events
- Subsequent events
- Going concern
- Going concern
- Other information
- Other information
- Letter of representation
- Written representation about management`s responsibilities
- Other written representations
- Documentary requirements
Ā
Completion and reporting
Evaluating the evidence
- Final materiality assessment
- Evaluating uncorrected misstatements
- Final analytical review
Communication with management and those charged with governance
- Communication requirements
- Communicating deficiencies in internal control
Reportable irregularities
- Reportable irregularities defined by the Auditing Professions Act, 2005
Responding to Non-Compliance with Laws and Regulations
- Introduction
- Non-compliance with laws and Regulations by clients
- Our firm`s responsibility when encountering non-compliance
The audit report
- Considerations for an Unmodified report
- Modified reports
- Emphasis of matter and other matters
- Key audit matters
- Form and content
The review process
Introduction
Self review
Senior review
Manager`s review
Partner review
Engagement Quality Review
Final file assembly
Final file assembly
