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- Review of the firm’s planning and the engagement profile.
- Read accountant’s report and respond to reporting and
disclosure questions, by completing Section I, Reports and Financial
Statements, of the engagement checklist. If applicable, complete
the separate Financial Reporting and Disclosure Checklist (Section
22,300) for general audit engagements.
- Review the working papers for general audit procedures and
complete Section II, General Audit Procedures.
- Identify significant audit areas in Column 1 of the grid in
Section III.
- Review the remaining working papers and answer the working
paper questions related to the identified significant risk areas
identified in Step 4.
- Reassess the identification of significant audit areas to
be reviewed to determine if any should be added.
- Complete Columns 2 through 5 of the grid in Section III for
the significant audit areas identified in Step 5.
- Complete Section IV. related to Functional Areas
- Provide explanation of “No” answers for which
a Matter for Further Consideration form was not generated in Section
V.
- In Section VI., conclude on the engagement reviewed.
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