Profile 5 - Core

The Core profile includes all available features and the Core 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, ISA 600 (Revised), Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) and ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures).

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.
• Core 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.
• Materiality worksheet and key materiality information at the top of most documents
• Financial Statement Areas worksheet (FSA)
  • Deletes immaterial audit sections.
  • Deletes procedures on risk assessment.
• 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 risk 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. Only key control attributes are accumulated.

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