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Profile 6 - Tailor per engagement

The Tailor per engagement profile includes all available audit features and all documents included in the ISA Engagement Forms based on the IFAC SME guide (supplemented for ISA 220 (Revised), Quality Management for an Audit of Financial Statements, ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement and ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures) and supplementary documents to address ISAs in a larger entity (for example: group audits and reliance on internal auditors). Optimiser guides the deletion of inapplicable areas.

Audit tools include:

  • Trial balance, journal entries and issues. Issues are used to track specific audit areas.
  • Optimiser checklist to customise specific procedure actions in work programs and remove documents based on checklist questions.
  • All audit forms from the ISA Engagement Forms - individual forms to document planning, risk assessment/responses, and completion of the audit. Core audit forms are applicable for most audit engagements while other forms should only be used where applicable to the engagement.
  • Materiality worksheet and key materiality information at the top of most documents
  • Financial Statement Areas worksheet (FSA)
  • Audit Plans and Procedures - lead sheets and audit work programs
  • Identified Misstatements - unrecorded journal entries (summarised by factual/projected/judgemental) and a summary of unadjusted misstatements.
  • Risk database where risks can be easily added throughout the engagement and summary reports produced.
  • Reportable item database where reportable items can be accumulated throughout the engagement and a report to management/those charged with governance can be prepared.
  • Control database where controls can be easily added throughout the engagement and linked to risks. Control matrix reports can be generated showing risks and related controls.

For a comparison of all the profiles and their general options, click here.