For engagements that are:
Efficient and effective. Follow professional standards. Document work properly.
Professional Workshops Inc. provides a set of forms that can help you to be efficient and effective, prompt you to follow professional standards and help you to document the work done. The forms will not do the work for you. It is possible that additional steps or documentation may have to be added.
Updates
What's New
Forms are now available. Not as big a deal as some are making it out to be. See our YouTube site for more details
Quality Manafement forms available August 2022August 2021
New compilation engagement forms available540R will require updates to the rep letter. See 540R A145. Not effective till 2020 but prudent to change now.
April 2019Updates for the new report and audit of disclosures.
August 2017Updates to review engagement checklist and engagement and representation letters for CASRE2400.
January 2017Practice resource CSRS4460.
August 2015Using the work of management's expert 500.8 Practice Resource.
April 2015What we do
Why the forms were developed
The forms are IAS/CAS and US GAAS consistent and require at least Excel 2010 for proper functionality. The forms are intuitive and easy to use, reducing the need for training.
See our YouTube channel for modules on most auditing sections and on how the forms are used.
Standards require that risks be identified by assertion and that the procedures performed be linked back to the risks identified. The forms do this explicitly. Also it is necessary to evaluate if enough work has been done by assertion, and this is also explicit to allow for evaluation when planning and reviewing.
The reviewer should concentrate on whether the work has been done well, not on whether all checklist steps have been completed, initialled and dated. The forms help with this as there is a “red X” which does not clear until this had been done.
The forms try to distinguish between steps that are self-documenting (steps where initialling the step provides appropriate documentation) and steps that require further documentation. Steps that probably require further documentation have a grey box that must be completed for the “red X” to clear. The reviewer can concentrate on whether the documentation or reference to documentation provided in the grey box is satisfactory.
The differences between US GAAS and IAS are noted below along with the position taken in the forms, which is consistent with US GAAS
US requirement
ISA requirement
Significance to forms
210
210.13 Requires annual reminder of engagement terms
210.13 suggests annual reminder
Forms assume annual
220
Treats EQCR as “concurring approval”
Similar, but not quite
Forms take the US position
230
Requires abstracts or copies or excerpts of significant documents to be in audit file, because this is a PCOAB requirement. 230.10
Says “may.”
Forms suggest copies or extracts be retained
240
Successor auditor must evaluate whether procedures performed in the current audit support the comparative figures
An option
Forms require
The differences between US GAAS and IAS are noted below along with the position taken in the forms, which is consistent with US GAAS
US requirement
210
210.13 Requires annual reminder of engagement terms
220
Treats EQCR as "concurring approval"
230
Requires abstracts or copies or excerpts of significant documents to be in audit file, because this is a PCOAB requirement. 230.10
240
Successor auditor must evaluate whether procedures performed in the current audit support the comparative figures
ISA requirement
210
210.13 suggests annual reminder
220
Similar, but not quite
230
Says “may.”
240
An option
Significance to forms
210
Forms assume annual
220
Forms take the US position
230
Forms suggest copies or extracts be retained
240
Forms require
How to use
Audits
Two key forms are the Audit Planning and Completion Documentation Aid Checklist and the Audit Program Generator. The Audit Planning and Completion Checklist is provided to prompt and remind the auditor of the required steps and documentation.
Use of the Audit Program Generator is discussed here:
How to use
Review engagements
A checklist consistent with the new Canadian review engagement standard is provided. International standards are similar. While the requirements for performance have not changed much, the requirements and form of documentation have changed significantly. The checklist has been revised accordingly. New engagement and representation letters are also required. For a description of the new required procedures (few) and the new additional documentation (more), check out our video:
Services
List of forms
The forms can help you to be efficient and effective, prompt you to follow professional standards and help you to document the work done.
Audit Forms
Review Engagement Forms
Compilation Forms
Excel 2010 based forms:
- Audit Planning and Completion Documentation Aid
- Audit Program Generator
Word based forms include:
- A summary of unadjusted errors guidance
- A weakness identification work chart
- A withdrawal checklist
- An inventory observation checklist
- Prospectus forms
Letters - Audit:
- Audit committee communication (for use as needed)
- Engagement and representation
- Sample internal control memo wording
Review Engagement Forms:
- Engagement and representation letters
- Excel Checklist
Compilation Forms:
- Compilation of projections – forms and letter
- Engagement letter
- Excel Checklist
- Tax engagement letters for personal and corporate returns
Are my forms up to date?
There are four key Excel forms and a variety of other forms such as engagement and representation letters. These are revised as changed standards necessitate. To check if you have the up-to-date set, check whether you have the following Excel forms (file and version name).
Services
Pricing
Forms are available for a price of $100 per person using the forms. For instance, if a firm had a staff of 10, two of whom were administrative staff, the price would be based on 8 staff. If one of the persons was part time, they would count as 1/2. Updates are made as needed and are available at a price appropriate to the extent of the changes.
Non-Exclusive End-User Licence Agreement Allowing the Use of Templates Developed by Professional Workshops Inc.
You may use the templates developed by Professional Workshops Inc. under this non-exclusive end-user licence. These templates are protected by copyright, and all rights, including intellectual property rights, are retained by Professional Workshops Inc. This is not a sale. By using the templates, you agree to be bound by the terms and conditions of this licence. You may use the templates for as long as you follow the terms and conditions of this licence, and your rights terminate if you do not comply with this licence.
Professional Workshops Inc. will use its best efforts to update the templates as standards change. When templates are updated, you may acquire the updated templates for an additional licence fee.
You are to acquire as many licences for these templates as you have users. You may not use the templates for more users than you have licenced. Nor may you translate, reverse engineer, decompile, disassemble, rent, lease, assign, sell, sublicense, lend or transfer the templates.
No liability
The templates deal with complex matters and may not apply to particular facts and circumstances. As well, the templates and the references contained therein reflect standards which are subject to change. For these reasons, the templates should not be relied upon as a substitute for your own professional judgement in connection with any particular matter. Although the templates has been carefully prepared, neither the Professional Workshops Inc., nor any persons involved in the preparation of the templates accepts any legal responsibility for their contents or for any consequences arising from use of the templates or for anything else.