Lesson: Example of an Audit Workpaper

In this lesson, an example of an audit workpaper for a bank reconciliation is provided and reviewed. The workpaper presented deals with Maya Company's United Bank of the North general account. As the lesson walks through various parts of the workpaper, emphasis is given to the importance of accurately documenting information such as the preparer's initials, dates, index numbers, and tick marks. In addition, the lesson demonstrates how every number on the workpaper is verified and how the workpaper reflects standard practices done by accounting firms. By the end of the lesson, viewers gain a clearer understanding of the composition and purpose of audit workpapers in the context of a bank reconciliation.