5 Tips and Tricks for Reviewers Presented by: David Bergstein, CPA, CITP, CGMA - PowerPoint PPT Presentation

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5 Tips and Tricks for Reviewers Presented by: David Bergstein, CPA, CITP, CGMA

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5 Tips and Tricks for Reviewers Presented by: David Bergstein, CPA, CITP, CGMA & Brian Siet, CPA Hosted by: AccountingWEB July 11, 2013 Objectives Understand at least ... – PowerPoint PPT presentation

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Title: 5 Tips and Tricks for Reviewers Presented by: David Bergstein, CPA, CITP, CGMA


1
5 Tips and Tricks for Reviewers Presented
by David Bergstein, CPA, CITP, CGMA Brian
Siet, CPA Hosted by AccountingWEB July 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 theyre 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 firms 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 cant 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 dont 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
    youre 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 Engagements 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_at_wolterskluwer.com
  • Presenter Brian Siet, CPA
  • Phone 877-400-0092
  • Email brian.siet_at_wolterskluwer.com
  • We look forward to continuing the discussion on
    how
  • CCH can help meet your needs.

11
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