3 Review the audit workpapers
3.1 Nature, timing and extent of reviews
The nature, timing and extent of our reviews depend on many factors, including the:
•Materiality, subjectivity and complexity of the subject matter
•Ability and experience of the preparer and reviewer
•Level of the reviewer’s direct participation in planning and executing the work
•Extent of the involvement of other professionals (e.g., specialists)
A reviewer’s techniques are not limited to an after-the-fact review of the workpapers. The reviewer oversees and may participate in the performance of procedures, using techniques that include:
•On-site supervision
•Reading the workpapers for inconsistencies or errors in work performed and conclusions reached
•Debriefing the personnel who performed the work (or the detailed review)
•Reperforming one or more of the items tested with the personnel who performed the work
•Examining the entity’s original documentation that is not in the workpapers
In many cases, because these review techniques are interactive and timely, they provide the reviewer with greater assurance than an after-the-fact review of the workpapers, and also assist the preparer (or detailed reviewer) in drawing his or her conclusions.