5 Tips and Tricks for Reviewers Presented by: David Bergstein, CPA, CITP, CGMA & Brian Siet, CPA Hosted by: Account

1. 5 Tips and Tricks for ReviewersPresented by:David Bergstein, CPA, CITP, CGMA & Brian Siet, CPAHosted by:AccountingWEBJuly 11, 2013

2. 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

3. 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!

4. 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. 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)

6. 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?

7. 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

8. 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

9. What Questions Do You Have for Our Presenter?

10. Thank You for Attending • For additional questions or to place an order,contact your Account Manager at 800-739-9998. • For more information, visit www.CCHGroup.com/AA. • Presenter David Bergstein, CPA • Phone: 877.202.0729 • Email: david.bergstein@wolterskluwer.com • Presenter Brian Siet, CPA • Phone: 877-400-0092 • Email: brian.siet@wolterskluwer.com We look forward to continuing the discussion on how CCH can help meet your needs.