Audit International 24.00 - Content Updates
Caseware® International Inc. licenses certain content for Audit International under agreement with the Chartered Professional Accountants of Canada (CPA Canada). The content provides non-authoritative guidance on applying International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board. These forms are designed to assist practitioners in the implementation of the ISAs and are not intended as a substitute for the ISAs themselves. CPA Canada updates their content on a regular basis and practitioners should ensure that they are using the most up to date version of all forms.
- Content updates
- AO - General Risk Options updates
- AO - Financial Statement Areas Worksheet - RMM Defined Score updates
Overview
This version of Audit International includes the changes and new requirements in ISA 315 (Revised 2019) and are intended to clarify and assist auditors in identifying and assessing risks of material misstatement more consistently and robustly. What has not changed is the audit risk model and the objective to identify and assess risks of material misstatement at the financial statement and assertion levels, whether due to fraud or error, to help design the audit response. As a result of these changes and new requirements updates were made to Audit International 24.00. Before updating the template, review the information outlined below in addition to the new content updates.
New forms
Added a worksheet for understanding the information flow in business process under the Implementation of Controls/Walkthrough Procedures folder:
- Form 566 Worksheet - Information flow - Business process
Added a supplementary checklist for agricultural asset count under the Supplementary folder:
- SUP3.110 Agricultural asset count checklist
Added an audit memo for engagements following ISA 315 (Revised) rather than ISA 315 (Revised 2019) under the Audit folder:
- ONEFORMX. Audit Memo
Added a risk report for assessing inherent risk following ISA 315 (Revised 2019) under the Risk Assessment Summary folder:
- 520E.8 Risk report - Inherent risk assessment
Added risk reports for engagements following ISA 315 (Revised) rather than ISA 315 (Revised 2019) under various folders:
- 520E.101 Risk report - Risk identification
- 520E.102 Risk report - Fraud risk
- 520E.103 Risk report - Business risk
- 520E.104 Risk report - Risk per cycle
- 520E.105 Risk report - Summary of control risk assessment
- 520E.106 Risk report - Risk assessment
- 520E.107 Risk report - Risk addressed
New profiles
Three additional profiles were added for engagements following ISA 315 (Revised) rather than ISA 315 (Revised 2019):
- Previous Oneform+
- Previous Core
- Previous Tailor per engagement
Changes in tags
Changes were made to include forms from the Tailor per engagement profile in the Core profile:
- 506. Worksheet - Identifying fraud risks (Core)
- 511. Understanding the IT environment (Core)
- 511-1. Understanding the IT environment - Listing (Core)
- 531. General IT controls (Core)
Deletion of Condensed forms
Condensed forms have been discontinued.
Content updates
Audit International includes the following content updates in addition to What's New - Audit 24.00.
Engagement file setup
Form numbers | Description |
---|---|
400. |
Added new procedures related to Profile information, ISA 315 (Revised 2019), and Agricultural asset count. Deleted a procedure relating to Condensed forms. Major change to Risk report views and Going concern procedures. Minor changes to Special purpose financial statements, and Supplementary procedures. |
400-1. |
Added new procedures related to Profile information, ISA 315 (Revised 2019), and Agricultural asset count. Major change to Risk report views procedure. Minor change to Supplementary procedure. |
400-2. |
Added new procedures related to Profile information, ISA 315 (Revised 2019), IT environment and Agricultural asset count. Deleted a procedure relating to Condensed forms. Major change to Risk report views procedure. Minor change to Special purpose financial statements and Supplementary procedures. |
400-3. |
Added new procedures related to Inventory count and Agricultural asset count. Minor change to Supplementary procedure. |
Audit
Form numbers | Description |
---|---|
ONEFORM. |
Updated form for ISA 315 (Revised 2019). |
ONEFORMX. NEW | New form added for Previous Oneform + profile. |
Planning
Form numbers | Description |
---|---|
405C. DELETED | Deleted condensed forms from the template. |
430. | Minor changes to 2 procedures. |
430C. DELETED | Deleted condensed forms from the template. |
455. |
Major changes to 5 procedures. Minor changes to 3 procedures. Added 5 new procedures. Updated document guidance. |
455C. DELETED | Deleted condensed forms from the template. |
436C. DELETED | Deleted condensed forms from the template. |
420. | Updated the year end close calculation in the performance materiality table to work the same as overall materiality. |
436C-1 | Deleted condensed forms from the template. |
Risk assessment
Form numbers | Description |
---|---|
506. |
Minor changes to 3 procedures. Updated document guidance. Modified form name and tag to reflect the change of this form to Core profile. |
510. |
Updated form for ISA 315 (Revised 2019). Moved Understanding the entity’s business model, objectives, strategies and related business risks to a subsection of Section B. Updated document guidance. |
510C. DELETED | Deleted condensed forms from the template. |
511. |
Minor changes to 8 procedures. Updated document guidance. Modified form name and tag to reflect the change of this form to Core profile. |
511-1. | Updated document guidance. |
523. |
Updated 1 procedure for each estimates section. Updated document guidance. |
520E.1 | Updated form for ISA 315 (Revised 2019). Updated document guidance. |
520E.101 NEW | New form created for ISA 315 (Revised) using previous view used in 23.00 520E.1. |
520E.2 | Updated form for ISA 315 (Revised 2019). Updated document guidance. |
520E.102 NEW | New form created for ISA 315 (Revised) using previous view used in 23.00 520E.2. |
520E.3 |
Updated form for ISA 315 (Revised 2019). Updated document guidance. |
520E.103 NEW | New form created for ISA 315 (Revised) using previous view used in 23.00 520E.3. |
520E.4 |
Updated form for ISA 315 (Revised 2019). Updated document guidance. |
520E.104 NEW | New form created for ISA 315 (Revised) using previous view used in 23.00 520E.4. |
530. |
Updated form for ISA 315 (Revised 2019). Updated document guidance. |
531. |
Updated document guidance. Modified form name and tag to reflect the change of this form to Core profile. |
566. NEW | New form. |
520E.5 |
Updated form for ISA 315 (Revised 2019). Updated document guidance. |
520E.105 NEW | New form created for ISA 315 (Revised) using previous view used in 23.00 520E.5. |
520E.6 |
Updated form for ISA 315 (Revised 2019). Updated document guidance. |
520E.106 NEW | New form created for ISA 315 (Revised) using previous view used in 23.00 520E.6. |
520E.8 NEW | New form for ISA 315 (Revised 2019). |
520E. | Updated document guidance. |
Risk response
Form numbers | Description |
---|---|
605C. DELETED | Deleted condensed forms from the template. |
5102 | Minor changes to 1 procedure. |
Audit plans and procedures
Form numbers | Description |
---|---|
SUP3 |
Minor changes to 3 procedures. Major changes to 7 procedures. Deleted 1 procedure. |
SUP3.110 NEW | New form. |
Completion documents
Form numbers | Description |
---|---|
335. | Updated the top performance materiality value to populate from final performance materiality in Form 420. instead of preliminary. |
DOC |
Added 6 new procedures. Major changes to 10 procedures. Minor changes to 17 procedures. Deleted 2 procedures. Updated document guidance. |
301 |
Minor changes to 3 procedures. Updated document guidance. |
520E.7 |
Updated form for ISA 315 (Revised 2019). Updated document guidance. |
520E.107 NEW | New form created for ISA 315 (Revised) using previous view used in 23.00 520E.7. |
Caseware Audit System documents
Form numbers | Description |
---|---|
Q | Updated links to remove condensed forms. |
Original toolkit forms (replaced by Caseware automated tools)
Form numbers | Description |
---|---|
420C. DELETED | Deleted the condensed toolkit form as it is no longer relevant. |
590-PREVIOUS DELETED | Deleted the toolkit form as it is no longer relevant. |
590. NEW | Replaced the 590-PREVIOUS toolkit form with the new toolkit form. |
501.ALT NEW | Added a new toolkit form as an alternative to Form 501. |
511.ALT NEW | Added a new toolkit form as an alternative to Form 511. and Form 511.-1. |
520. (Excel) DELETED | Replaced the Excel form with the Word form. |
520. (Word) NEW | Replaced the original toolkit Form 520. Excel form with the new Word form. |
520C. DELETED | Deleted the condensed toolkit form as it is no longer relevant. |
522. DELETED | Deleted the toolkit form as it is no longer relevant. Form 520. replaces this toolkit form. |
522C. DELETED | Deleted the condensed toolkit form as it is no longer relevant. |
524. DELETED | Deleted the toolkit form as it is no longer relevant. |
530.ALT NEW | Added a new toolkit form as an alternative to Form 530. |
535.ALT NEW | Added a new toolkit form to supplement new toolkit Form 530.ALT. |
540.ALT NEW | Added a new toolkit form as an alternative to Forms 540.-562. |
550.ALT NEW | Added a new toolkit form as an alternative to Forms 540.-562. |
530C. DELETED | Deleted condensed forms from the template. |
540C. DELETED | Deleted condensed forms from the template. |
545C. DELETED | Deleted condensed forms from the template. |
550C. DELETED | Deleted condensed forms from the template. |
555C. DELETED | Deleted condensed forms from the template. |
560C. DELETED | Deleted condensed forms from the template. |
570. DELETED | Deleted the toolkit form as it is no longer relevant. |
582. DELETED | Deleted the toolkit form as it is no longer relevant. |
584. DELETED | Deleted the toolkit form as it is no longer relevant. |
585. DELETED | Deleted the toolkit form as it is no longer relevant. |
AO - General Risk Options updates
Changes to Risk, including new available properties.
Category | Minimal / Basic / OneForm | OneForm+ | Core | Tailor per engagement | Previous OneForm+ | Previous Core | Previous Tailor per engagement |
---|---|---|---|---|---|---|---|
Enable risks | - | - | - | - | Enabled | Enabled | Enabled |
Inherent risk | - | Enabled | - | - | - | Enabled | Enabled |
Control risk | - | Enabled | - | - | - | Enabled | Enabled |
RMM | - | Sig., H,M,L, Insign. | Sig., H,M,L, Insign. | Sig., H,M,L, Insign. | High, Medium, Low | High, Medium, Low | High, Medium, Low |
Likelihood to occur | - | - | Enabled | - | - | - | Enabled |
Magnitude | - | - | Enabled | - | - | - | Enabled |
What can go wrong | - | Disabled | Disabled | Disabled | Enabled | Enabled | Enabled |
Source/reference | - | - | - | - | Enabled | Enabled | Enabled |
Inherent Risk Factors NEW | - | - | - | - | - | - | - |
Inherent Risk Factors Categories NEW | - | - | - | - | - | - | - |
Inherent Risk Factors Description NEW | - | Enabled | Enabled | Enabled | - | - | - |
Significant risk | - | - | - | - | Enabled | Enabled | Enabled |
Procedures other than substantive | - | - | Enabled | Enabled | - | - | Enabled |
Management response | - | - | - | - | - | Enabled | Enabled |
Risk treatment/mitigation | - | - | - | - | - | Enabled | Enabled |
Controls exist to mitigate the risk | - | - | - | - | - | Enabled | Enabled |
Audit response table | - | - | - | - | Enabled | Enabled | Enabled |
Audit has properly addressed the risk | - | - | - | - | Enabled | Enabled | Enabled |
Business cycles affected | - | - | - | - | - | Enabled | Enabled |
Risk response assertions details | - | - | - | - | Enabled | Enabled | Enabled |
Financial Statement Level Renamed from Entity Level | - | Renamed | Renamed | Renamed | Renamed | Renamed | Renamed |
AO - Financial Statement Areas Worksheet - RMM Defined Score updates
Profiles : OneForm+, Core, Tailor per engagement
Profiles: Previous OneForm+, Previous Core, Previous Tailor per engagement
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