Audit provides a standardized framework within which firms can customize and create content or use
Audit is friendly and easy to use and helps engagement teams gain efficiencies through its automation and powerful functionality. Engagement profiles are configured to utilize various combinations of the template components including:
Standardized programs and checklists make it easy for firm authors to create and manage content. Right click menu options provide simple to use functionality to add or customize existing content. Permissions exist to define work program/checklist presentation format and terminology. Customization options are available to define:
- Work program responses
- Procedure sign-off behavior
- Work product/sign-off retention policies on year-end close process
- Define Assertions
- Define Risk options
- Define Control options
- Define Reportable Item options
- Engagement Profiles
Version tracking functionality exists within Audit to enable content to be tracked at the document and procedure level, ensuring that client files are always up to date with the latest firm and CPA content. As the firm author, you define globally how future content updates are to be addressed in client files. The version tracking document provides a concise report of documents/procedures that differ from the master firm template.
A centralized risk tracking system allows you to create, manage and report identified risks. Record risks as they are identified throughout the audit by clicking in any document. Risks are stored centrally then conveniently presented in the Risk Report and at the top of each work program. Risk properties and attributes are easily customizable by the firm author.
Combined with the centralized risk tracking system, Audit enables you to create, manage and associate controls to the relevant risks. Record controls by clicking the in any document. Controls are stored in the central database and then reported in control matrices, displaying the relationship with risks and grouped by business cycle.
Tracking Reportable Items
As part of the client engagement process, reportable items may be identified. The accumulation of reportable items has been automated to help you easily manage and track them. Record reportable items as they are identified throughout the engagement process by clicking in any document. Reportable items can be added from any work program or checklist and from other selected forms. Reportable items can also be linked to specific letters.
Efficient Partner/Manager Review
Preset the Partner Manager Summary document in the customized template to present the information deemed important by the firm author for engagement executives. Multiple versions of the document can be created by copying and pasting and setting the filters to define the desired content.
The dashboard is a powerful tool that ensures engagement teams follow the firm approved approach to conducting audits. Create a customized workflow and link your documents to the workflow to help guide your teams through the audit or use the existing workflow as is.
Financial Statement Areas (FSA) Worksheet
This worksheet provides a central source for reviewing material accounts, setting up business cycles, defining relevant assertions and referencing to the appropriate work programs. Used in the planning process, the FSA helps teams quickly and easily identify material accounts.
A comprehensive report providing detail information of all risks identified in the engagement. Apply filters and views to present high level information that is important to engagement executives or present detail information for engagement team members.
A comprehensive report displaying detail information about the controls and the association to relevant risks. Create multiple matrices to display the controls by business cycle or manage within a single matrix by applying business cycle filters.
Work Programs and Checklists
Fully automated documents that are easily customizable by the firm and the engagement teams. Right click menu options provide simple to use functionality to customize content, add existing content from the firm library, link procedures to identified risks, efficient sign-off, automatically create an issue based on pre-defined responses and much more.
Management Letter Report
The management and presentation of audit findings can be organized into a collection of reportable items, summarized in a Management Letter Report. A reportable item dialog enables you to collect audit findings and make recommendations. The Management Letter Report displays all of these findings in an easy-to-view format. You can then decide which findings are to be published to the management letter.
Assists engagement teams in building an effective audit by removing:
- Unnecessary documents based on checklist responses, industry selections, or materiality considerations in the Financial statement areas worksheet
- Risks that are not applicable for the client
- Unassociated controls
- Work program procedures based on checklist responses or those that do not meet the assessed level of risk for the financial statement area
- Inserting procedures linked to a risk
Specifies a set of documents, and, optionally, general options that enables the engagement team to tailor a client file for a specific type of engagement. The firm can customize the engagement types found in any jurisdiction, or use Caseware's pre-defined engagement profiles. When an engagement team creates a new client file from the template, an engagement profile can be selected from the list of available profiles.