Perform an Efficient Review of an Audit Engagement 

Below, you'll find ten steps to perform an efficient review of an audit engagement.

1. Review of the firm’s planning and the engagement profile.
2. Read the auditor’s report and respond to reporting and disclosure questions, by completing section I, “The Auditor’s Report,” of the engagement checklist. If applicable, complete Peer Review Program section 22,300, Financial Reporting and Disclosure Checklist, for general audit engagements.
3. Review the working papers for general audit procedures and complete section II, “General Audit Procedures.”
4. Identify significant audit areas in column 1 of the grid in section III, “Working Paper Areas.”
5. Review the remaining working papers and answer the working paper questions related to the identified significant risk areas identified in step 4.
6. Reassess the identification of significant audit areas to be reviewed to determine if any should be added.
7. Complete columns 2 through 5 of the grid in section III for the significant audit areas identified in step 5.
8. Complete section IV, “Functional Areas.”
9. In section V, “Explanations of ‘No’ Answers and Other Comments,” provide explanation of “No” answers for which a Matter for Further Consideration form was not generated.
10. In section VI, “Conclusions,” conclude on the engagement reviewed.