Course Outline: Audit Evidence and Documentation (4 hours)

Objectives

After this course attendees should have an understanding of methods for collecting and assessing audit evidence and be able to prepare high-quality audit workpapers  

Short Description

Our audits are only as good as the evidence that supports them.  In this course we will discuss what auditing standards say about audit evidence and discuss types of audit evidence.  We will also explore the strength of various types of evidence and how to increase the quality of audit evidence. Lastly, we will discuss key points for documenting audit results in workpapers and what reviewers may look for.    

Course Outline

Overview

What the standards say about audit evidence?

Key Terms: sufficient, appropriate, relevant, valid, reliable

Types of audit evidence

Exercise: Types of audit evidence

Collecting Audit Evidence

        Methods for collecting high quality audit evidence

Pros and cons of types of evidence

Exercise: Sufficient and appropriate evidence  

Audit Documentation

Elements of a workpaper

        Criteria for good workpapers

                Exercise: Elements of a workpaper

Reviewing Workpapers

Exercise: Workpaper review

        Wrap up