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