Why is the 6-150 - Completion Memorandum considered to be the final Audit System sign-off workpaper?
As an audit partner, reviewing and signing off multiple files at
a stretch can be a tedious and time-consuming task. Maintaining no loose ends
and ensuring the engagement file's consistency can also be a difficult
administrative job. To assist with this task, document 6-150
Completion Memorandum was
developed.
The Completion Memorandum (6-150) consists multiple pre-populated linked reports
and automatic documents from which you can:
- Review your ongoing work status
- Identify missing deliverables
- Monitor the status of
significant risk assessments
- Record statutory
matters and non-negotiable areas such as Going Concern and
Subsequent events
It contains various checkpoints which can guide you through the
significant file closure areas like over/under misstatement report and the
final audit report findings in one place.
Attempting to answer (mostly yes or no) in this one document can
save your time in review of your audit files and serves as a solid snapshot of
the entire audit for the year before you pen the audit report to be issued to
the client.
Other things to
consider about 6-150:
- It tracks any outstanding work
via the CaseWare Issues Feature
- It identifies any out-of
balance entries
- It calculates an Altman Z score
ratio in areas like the Going Concern section for appropriate auditing
assessment
- Each area contains a personal
sign-off box with the additional benefit of bulk-signing each section via
the right-click heading menu
- Includes a stock-standard conclusion
for any engagement partner to sign off