Audit International 27.00 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.

Overview

This version of Audit International includes the changes and new amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements; and ISA 260 (Revised), Communication with Those Charged with Governance, as a result of the revisions to the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code). These narrow scope amendments are effective for the audit of financial statements with periods beginning on or after December 15, 2024. Additionally, documents listed in this summary have been enhanced to provide more user-friendly content to streamline the audit workflow, as a result of feedback provided by users and practice reviewers/regulators.

Automatic document

In Form 421.600, new guidance has been added in the full template. This change cannot be made during the update process as it does not support updates to automatic documents.

We also added the following updates to the commentary text area of the automatic form:

Objectives:

  • To perform a preliminary engagement scoping to identify and list all classes of transaction, account balances, and disclosures.

Notes:

  • List all components determined by the group auditor for the purpose of the group audit. The group auditor's determination of component(s) may be different from how entities/business units are organized in the group entity as summarized in Form 510. Based on the understanding of the group's organizational structure and information system, the group auditor may determine that the financial information of certain entities or business units may be considered together for purposes of planning and performing audit procedures.

  • Edit listing of components through Working Paper's Consolidate feature.

  • Import component balances through Working Paper's Consolidate feature.

Document manager – changes to roles

The following forms have been updated for the role settings from Default Role Set to Partner Review (PR):

  • 100 - Report Transmittal

  • 310-1 Partner Acknowledgment

  • 405 Acceptance/Continuance

  • 380 Withdrawal

Known issues

  • In work programs and checklists, the icons for procedure conditions () and tags () may not be correct after the patch update. This is a known display issue, and the functionality will be correct in the client files. In each work program or checklist, click on the red button () beside the Home button to update the tooltip for procedure actions and conditions.

  • In some cases, Word Forms 5200 and 5210 may show as deleted after an update is completed in a client file. If this issue occurs, a new copy of the Word Forms 5200 and 5210 can be inserted from the master template through the Working Papers From Library | Document Library menu.

  • After updating a file that uses Minimal or Basic profiles to the latest version, the file still displays the icon indicating that there is an update. You can disregard the icon as there were no structure updates to these profiles this year.

Content updates

Audit International includes the following content updates in addition to the What's New - Audit 27.00.

Engagement file setup

Form numbers

Description

400.

Major changes to 3 procedures.

Minor changes to 22 procedures.

Deleted 1 procedure ISA 220 (Revised) and associated tags “ISA 220” and “Not ISA 220”.

Updated document guidance.

Updated procedure tag for Form 590.600 to include Group audit.

400-1.

Minor changes to 13 procedures.

Deleted 1 procedure ISA 220 (Revised) and associated tags “ISA 220” and “Not ISA 220”.

Updated document guidance.

400-2.

Major changes to 3 procedures.

Minor changes to 14 procedures.

Deleted 1 procedure ISA 220 (Revised) and associated tags “ISA 220” and “Not ISA 220”.

Updated document guidance.

Updated procedure tag for Form 590.600 to include Group audit.
400-3.

Minor changes to 2 procedures.

Updated document guidance.

Audit

Form numbers

Description

ONEFORM.

Updates made to the COMMUNICATIONS WITH MANAGEMENT/TCWG for ISA 260 amendments.

Planning

Form numbers

Description
430.

Updated document guidance.

Minor changes to 3 procedures.
438.

Updated the letter throughout to add content for ISA260 amendments.

Updated guidance.

Audit Plans and Procedures - Assets

Form numbers Description
130.110

Updated document guidance.

Major changes to 1 procedure.

Minor changes to 4 procedures.

Audit Plans and Procedures – Liabilities and Equity

Form numbers Description
425.110

Major changes to 4 procedures.

Minor changes to 2 procedures.

Updated document guidance.

Completion documents

Form numbers Description
DOC

Major changes to 3 procedures.

Minor changes to 8 procedures.

Deleted 6 procedures.
301. DELETED Form deleted as the form relates to ISA 220
305.

Major changes to 2 procedures.

Minor changes to 29 procedures.
340.

Added 1 new procedure.

Major changes to 1 procedure.
340-1

Added 1 new procedure.

Major changes to 2 procedures.

Deleted 1 procedure.
310.

Minor formatting update to document guidance.

Major changes to 2 procedures.

Minor changes to 3 procedures.

Modified the procedure heading.