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 7

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 8

5 Tips and Tricks for Reviewers 9 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  For more information, visit  Presenter David Bergstein, CPA Phone:  Presenter Brian Siet, CPA Phone: We look forward to continuing the discussion on how CCH can help meet your needs.

5 Tips and Tricks for Reviewers