Once we've:
reconciled the worksheet
resolved the checklist items
resolved internal comments & client queries
the worksheet is ready to be reviewed by a reviewer or approver!
If any of the above items are not complete the review button will be disabled and will show a message when you hover over it as to what is still outstanding.
As a reviewer, you may want to filter the trial balance by items that are awaiting review to isolate worksheets ready to be reviewed.
As part of the review process, you may want to check:
the entries and attached files are correct
checklist items have been properly addressed or the reason for marking items as not applicable are valid
internal comments and client queries have adequately been answered.
If any of the above are not satisfied, you can either correct the issue or create an internal comment addressing the issues and tagging the relevant user (see Adding a comment to a worksheet). By making the internal comment, the status of the worksheet will return to In Progress. If the preparer is assigned to the worksheet, the worksheet will then re-appear in their user task list on the workpaper dashboard (See Dashboard overview for more information on the user task list)
When all items are completed, the Review button will then become available. Once you click review, the status of the worksheet will become Reviewed.
Once a worksheet is reviewed, reviewers and approvers will be able to un-review the worksheet if desired. As mentioned in previous lessons, any changes to a reviewed worksheet will automatically remove its review status, thus maintaining governance and control over the completed work.
Now you're armed with the ability to review a worksheet, you will need to review all worksheets that are not excluded as part of the certification requirements to complete the workpaper.
Reviewing a worksheet with draft journals
When there are draft journals on a worksheet, the Current Amount field will change to show the Workpaper Figure, which is the amount in the ledger + amounts from any draft journals on the worksheet. You will see below the Workpaper Figure is a breakdown of this, showing:
Ledger Figure: The amount that is currently in the connected ledger file for the current period, and
Draft Figure: The amount in draft journals for the current period that is being proposed to be added to the Ledger Figure.
When a Reviewer or Approver is viewing a worksheet with draft journals, the Review button will be displayed as Review and Post. This allows the Reviewer to mark the worksheet as Reviewed and post the proposed journals to the connected ledger in one action!
This feature allows for a more efficient preparation and review process while still providing control around what is posted to the connected ledger file.