Critical Self-Review Checklist

PURPOSE
This document provides engagement teams with suggested self-review checks that can help to eliminate wasted time that results from addressing and
clearing avoidable, non-technical review notes. This checklist is not intended to be all inclusive of the steps an auditor should take when preparing audit
evidence.

KEY REMINDERS
- Consistent application of an effective self-review improves quality up front and can result in a more effective review process.
- The self-review process is unique to each audit procedure, but certain checks can be standardized.
- Reduction of waste in this process can lead to improved engagement economics.

GUIDANCE
All team members are encouraged to perform a critical self-review of their workpapers prior to marking a workpaper as prepared. Engagement teams
are encouraged to customize this checklist to best fit the specific engagement and as trends in review comments are noted.

FEEDBACK
Help us make this checklist better! If you add content for your engagement, send your suggestions to the US-FM AUD Industry and Centralized Solutions
mailbox <us-audics@kpmg.com>.

For more helpful templates and resources, visit the Continuous Improvement page on the Audit eXchange Website below!
- Audit eXchange

This document is for internal use only and should not be attached to an engagement team’s eAudIT file. Unless it is considered other
documentation or subject to preservation, it should not be kept. Engagement teams subject to a preservation notice should follow guidance
on the OGC website.

This document provides leading practices related to self reviewing your own work. It is not required, is not exhaustive, and is not intended to fully
comply with auditing standards, as applicable. As such, it does not replace the need to have a thorough understanding of the applicable accounting
and auditing standards. Further, this does NOT replace the need to consider our risk assessment and approach based on entity-specific facts,
circumstances and related risks. This document is posted as of November 2018. Engagement teams are reminded to exercise professional
judgment and consider changes to applicable standards and KPMG policies that may have occurred since the posting date.

© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights
reserved. Printed in the U.S.A. NDPPS 718601
Critical Self-Review Checklist

General
❏ Run spell check. Confirm all relevant options are selected in "proofing" section of MS Word options; these are often disabled in
KPMG Templates.
❏ Run grammar check where available - including appropriate use of punctuation (use of commas, periods, semicolons, etc.).
❏ Confirm accuracy of all cross-references. Determine that the appropriate cross-reference on the other document is included.
❏ Remove any documentation that is not applicable, or is repetitive or extraneous.
❏ Read through the entire document. Confirm it flows, makes sense, and is understandable to your reviewer.
❏ Make sure formatting is consistent, there is no scrap work present.
❏ Don’t leave any embedded comments, anything inappropriately highlighted, or in a style that could distract or appear to be
“outstanding” to a reviewer.
❏ Before submitting for review, make sure the testwork clearly addresses the purpose of each procedure. Confirm the conclusion is
documented.
❏ Procedures are evaluated each period. Rolling forward prior period documentation may not be appropriate.

Documentation work papers- Excel Spreadsheets

❏ On each tab, include:
❏ Appropriate heading
❏ Applicable date/period
❏ Purpose of tab and description of work performed
❏ Can an experienced auditor with no previous connection with this engagement understand the nature, timing, extent, and results of
the procedures performed, evidence obtained, and conclusions reached?
❏ Confirm formulas in Excel spreadsheets work. Review for hidden rows or columns in workpapers and make visible or delete if not
used.
❏ Delete extra Excel tabs that are not used. Review for hidden tabs and make visible or delete if not used.
❏ Has internal consistency been verified (i.e. tab and document titles, totals per testing template agrees to lead schedule, total sample
size agrees to # of items tested, etc.)?
❏ Use precise and consistent terminology (e.g., do not call an exception in testing an "irregularity“ or “variance” unless it truly is). If
there are items identified that may be indicators of actual or suspected fraud, alert the manager or partner immediately.
❏ Have we documented our consideration of and conclusions around the untested balance?
❏ If applicable, have we documented our consideration of aggregation risks?
❏ Have we used the appropriate template to document our substantive tests (e.g., if there is an engagement specific template typically
used)?
❏ For reports received from client:
❏ Have we documented how the report was tested (e.g., IRM, manual report testing)?
❏ Have we assessed completeness & mathematical accuracy of the report, including tying back to the GL system?
❏ Confirm the following items are accurately reflected:
❏ Testing period covered (i.e. interim vs. year-end)
❏ Risk assessment and assertions addressed
❏ Confirm the workpaper clearly shows who performed the work and the date the work was completed.
❏ When documenting discussions with the client, include the date of the discussion, title and full name of the individual.
❏ Identify documentation provided by the client as "PBC" along with the name and title of the client contact that provided it. Also
consider if the document is considered "IPE" so it can be identified and treated accordingly.
❏ If there is any formula driven work, check for “REF” or “VALUE” cells and address if identified

Tickmark and Legend

❏ Tickmark all inputs.
❏ Tickmark any formula-driven work.
❏ Tickmark any re-calculations, footing or cross-footing performed.
❏ Include a Tickmark Legend.
❏ Make sure all tickmarks used in the spreadsheet are defined in the Tickmark Legend.
❏ Delete any unused tickmarks.
❏ Make sure all tickmarks are defined and all references are appropriate and complete.

Attachments
❏ Minimize use of embedded objects.
❏ Make sure other workpapers included are clearly cross-referenced.
❏ Make sure there are no circular references.

Other Considerations
❏ Were exceptions sufficiently documented?
❏ Were responses to exceptions sufficiently documented?
❏ Was a control deficiency identified?
❏ Was an item for the summary of uncorrected misstatements identified?
❏ Confirm the selected assertions are fully addressed by the testing performed in the workpaper.
❏ Ask yourself:
❏ Did I document my judgment and rationale?
❏ Do my responses/answers make sense?
❏ Does this documentation represent my best work?
❏ Is information discussed during the coaching meetings incorporated into the workpaper?