The PwC Quality Control Review Checklist is a comprehensive workflow for ensuring audit efficiency and compliance, boosting audit quality, and enhancing future audits.
1
Review the project details
2
Check adherence to PwC audit methodology
3
Understand the client's business and industry
4
Identify significant audit areas
5
Examine the client's internal control system
6
Perform risk assessment
7
Review existing audit procedures and working papers
8
Identify areas for improvement in the audit process and outline actionable steps
9
Evaluate the adequacy of audit evidence
10
Verify the consistency of financial statements and disclosures
11
Check compliance with accounting standards and regulations
12
Approval: Audit Report
13
Review responses to management's report on internal controls
14
Evaluate the effectiveness of the audit
15
Make recommendations for future audits
16
File all relevant audit documents safely
17
Prepare the quality control review report
18
Approval: Quality Control Review Report
19
Discuss the report and findings with the audit team
20
Submit the final report to senior management
Review the project details
In this task, you will review the project details to understand the scope and objectives of the audit. This will include gathering information about the client, the engagement team, and any relevant background information. The goal is to ensure that you have a clear understanding of what needs to be accomplished in the audit.
Check adherence to PwC audit methodology
In this task, you will check if the audit procedures followed adhere to the PwC audit methodology. This will involve reviewing the documentation, interviewing team members, and assessing the overall compliance. The objective is to ensure that the audit has been conducted in accordance with PwC's established standards and procedures.
1
Fully Adhered
2
Partially Adhered
3
Not Adhered
Understand the client's business and industry
In this task, you will gain a thorough understanding of the client's business and industry. This will involve reviewing financial statements, conducting industry research, and interviewing key personnel. The purpose is to acquire the necessary knowledge to perform an effective and efficient audit.
Identify significant audit areas
In this task, you will identify the significant audit areas that require special attention during the audit. This will involve analyzing the client's operations, financial data, and potential risks. The objective is to prioritize resources and efforts based on the areas with the highest likelihood of material misstatements.
1
Revenue Recognition
2
Inventory Valuation
3
Expense Classification
Examine the client's internal control system
In this task, you will examine the client's internal control system to assess its design and effectiveness. This will involve reviewing policies, procedures, and testing controls. The goal is to evaluate the reliability of the client's internal control system and identify any weaknesses or deficiencies that may impact the audit.
1
Effective
2
Partially Effective
3
Ineffective
Perform risk assessment
In this task, you will perform a risk assessment to identify and evaluate the inherent and control risks associated with the audit. This will involve analyzing industry trends, client-specific factors, and historical data. The purpose is to determine the appropriate audit approach and procedures based on the assessed risks.
Review existing audit procedures and working papers
In this task, you will review the existing audit procedures and working papers to ensure their completeness, accuracy, and relevance. This will involve comparing the documented procedures with the actual work performed and identifying any gaps or inconsistencies. The objective is to maintain a robust and well-documented audit trail.
Identify areas for improvement in the audit process and outline actionable steps
In this task, you will identify areas for improvement in the audit process and outline actionable steps to address them. This will involve analyzing the effectiveness and efficiency of the audit procedures, tools, and resources. The goal is to continuously enhance the quality and value of the audit services provided.
Evaluate the adequacy of audit evidence
In this task, you will evaluate the adequacy of the audit evidence to support the audit opinion. This will involve reviewing the nature, timing, and extent of the audit procedures performed and assessing the relevance and reliability of the obtained evidence. The objective is to ensure that the audit evidence is sufficient and appropriate.
1
Documentary Evidence Obtained
2
Confirmation of Balances
3
Observation of Physical Inventory
Verify the consistency of financial statements and disclosures
In this task, you will verify the consistency of the financial statements and disclosures. This will involve comparing the financial information across periods, reviewing footnotes and disclosures, and assessing the accuracy and completeness of the presented data. The goal is to ensure the consistency and transparency of the financial statements.
1
Consistent
2
Inconsistent
Check compliance with accounting standards and regulations
In this task, you will check the client's compliance with relevant accounting standards and regulations. This will involve reviewing the client's accounting policies, assessing the impact of regulatory changes, and evaluating the appropriateness of the accounting treatments applied. The objective is to ensure that the financial statements are prepared in accordance with the applicable requirements.
1
Compliant
2
Non-compliant
Approval: Audit Report
Will be submitted for approval:
Review existing audit procedures and working papers
Will be submitted
Evaluate the adequacy of audit evidence
Will be submitted
Verify the consistency of financial statements and disclosures
Will be submitted
Check compliance with accounting standards and regulations
Will be submitted
Review responses to management's report on internal controls
In this task, you will review the client's responses to management's report on internal controls. This will involve assessing the adequacy and effectiveness of the remediation measures implemented by the client. The purpose is to ensure that the identified control deficiencies have been appropriately addressed.
Evaluate the effectiveness of the audit
In this task, you will evaluate the effectiveness of the audit in achieving its objectives. This will involve assessing the overall audit quality, efficiency, and value delivered to the client. The goal is to identify strengths and areas for improvement to enhance future audit engagements.
1
Effective
2
Partially Effective
3
Ineffective
Make recommendations for future audits
In this task, you will make recommendations for future audits based on the findings and lessons learned from the current engagement. This will involve identifying opportunities for process improvements, suggesting changes to audit methodologies, and sharing best practices. The objective is to continuously enhance the quality and efficiency of future audits.
File all relevant audit documents safely
In this task, you will file all relevant audit documents safely to ensure their availability and confidentiality. This will involve organizing the documents according to the established filing system and securing them in a designated location. The purpose is to facilitate future access, review, and retrieval of the audit documentation.
Prepare the quality control review report
In this task, you will prepare the quality control review report summarizing the findings, conclusions, and recommendations from the review process. This will involve compiling the relevant information, analyzing the results, and presenting them in a clear and concise manner. The goal is to provide a comprehensive and informative report for further action.
Approval: Quality Control Review Report
Will be submitted for approval:
Prepare the quality control review report
Will be submitted
Discuss the report and findings with the audit team
In this task, you will discuss the quality control review report and findings with the audit team. This will involve holding a meeting or virtual session to present the report, address any questions or concerns, and obtain feedback from the team members. The goal is to ensure clarity, alignment, and shared understanding of the review outcomes.
Submit the final report to senior management
In this task, you will submit the final quality control review report to senior management. This will involve sharing the report through the designated communication channel or repository and ensuring its timely delivery. The purpose is to provide senior management with the necessary information to make informed decisions and take appropriate actions.
