Did you like how we did? Rate your experience!

Rated 4.5 out of 5 stars by our customers 561

Video instructions and help with filling out and completing What Form 8815 Audit

Instructions and Help about What Form 8815 Audit

Hi it's John Kelly in this module we are going to discuss using the audit checklist and as always we want to be efficient and effective follow of professional standards and document what we have done properly and this module will show you how all of those three things can be accomplished by using the audit checklist and this will also be useful for training staff if you're using the forms and once to have to understand how to do it this module will help with that too so for topics the big red X clearing the big red X which is the third thing we'll talk about have to complete this form annually and then a brief review of the sections as what's covered in this checklist now the big red X indicates that the checklist is incomplete there's also a statement that says checklist incomplete and that means that something is wrong and it needs to be fixed if you complete all the lines in the checklist then that completes or removes the big red X and the purpose of this is to know that logically at least all of the steps on all of the boxes are filled out and initialed you will note on the checklist that there is a yellow exclamation point and completing the line successfully turns the yellow exclamation point to a green check and when you clear the very last line then the big red X will disappear and at the end there is a total of cleared and uncleared so it'll say however many are cleared and however many are unclear and you'll be able to figure out how many got to go fine to clear form has to be completed annually I wondered if there was some way that we could have this form carried forward but this is really a long list of things that professional standards requires us to document that we've done every year so I just don't see how this can be done other than completed annually and it's kind of long but really it doesn't take that long to fill out so how we clear a line and before I talk about that I want to talk about the purpose of the checklist and first purpose of a checklist is to remind us of what Professional Standards require we're supposed to do something consider something document something so it's just to remind us of that and it would be really nice if completing the checklist step yes I did this would would be all the documentation required and many times Professional Standards say the auditor should consider and documentation of that I guess can be no more than well I considered that yes I did I thought about that now clearly more may be needed and we're in my judgment it was obvious that more was needed there's a gray box and you have to fill out the gray box and provide something additional and it's up to the reviewer to determine whether or not that additional comment is satisfactory or not and it's an overriding comment on all of the checklist you know there are going to be some times when something else is needed and you're just gonna have to have another working paper and maybe make a handwritten reference on the form to say you know I was supposed to consider this but it turned out to be more complicated and I thought and here is a much longer story of how I considered this issue and 99 out of 100 audits I considered it nothing was there and you drove on but in the one or and the one and a thousand then there was something additional well more may be needed and if that's the case write something down in the file now there are several types of questions all require an initial and there's a drop-down box a drop down menu and on the configuration page you will put in the names and initials of everybody working on the file and so when you pick click on the drop down box or menu you can click on the require an initial and once you put the initial in the date comes in automatically any time there's a gray area you have to complete it either in the checklist if there's enough room or by reference to a working paper so for instance this is the very first question on the checklist and obviously the first question on the checklist has to be to document materiality it's a bit a little bit of a long of a question because it provides some guidance from professional standards and how we are to determine materiality and reminds us that we have to determine both materiality and performance materiality so there's a box there so that's been completed with initials and the date popped in automatically there's a gray box because probably we want to document just a little bit about how we determine the materiality and how we determined performance materiality and so that's been written in in a gray area and that clears the box and we have a green tick also require partner approval of this so there's the place where the partner has clicked and documented their approval of the materiality calculation so once that's done planning of the audit can begin in earnest there are some other examples where there is text already in the gray area to prompt proper completion an example of that is question D is one you have to update that and fix it and make it appropriate so you can't just leave the standard text in there but to give you kind of a hint as to what you might probably say some text is sometimes already in the gray area here are some other example questions these are two risk assessment questions the first one is we're supposed to do some.

If you believe that this page should be taken down, please follow our DMCA take down process here.