5 tips and tricks for reviewers presented by: david bergstein, cpa, citp, cgma & brian siet, cpa...
TRANSCRIPT
5 Tips and Tricks for Reviewers
Presented by:David Bergstein, CPA, CITP, CGMA & Brian Siet, CPA
Hosted by:AccountingWEB
July 11, 2013
5 Tips and Tricks for Reviewers
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
5 Tips and Tricks for Reviewers
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!
5 Tips and Tricks for Reviewers
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 Tips and Tricks for Reviewers
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)
5 Tips and Tricks for Reviewers
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?
5 Tips and Tricks for Reviewers
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
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5 Tips and Tricks for Reviewers
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
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What Questions Do You Have for Our Presenter?
5 Tips and Tricks for Reviewers
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: [email protected]
Presenter Brian Siet, CPA• Phone: 877-400-0092• Email: [email protected]
We look forward to continuing the discussion on how CCH can help meet your needs.
5 Tips and Tricks for Reviewers