Release notes for Enhanced CaseWare®/CICA Audit - August 2008
Please review the following information prior to opening Enhanced CaseWare®/CICA Audit. It is recommended that you print a copy of this document and keep it for reference.
a) If any errors are displayed during installation, please call CaseWare International Inc. Technical Support.
b) Refer to the Getting Started Guide for instructions on updating PEM “Enhanced” template client files. Detailed listings of the enhancements included in this update are included in this document. Note that there are two templates included on the CD – the PEM “Enhanced” template and the PEM “Standard” template. If you are using the “Standard” template these notes will not all be applicable.
c) Any questions relating to the content included in the forms should be directed to the CICA at 416 977 3222.
The Enhanced CaseWare®/CICA Audit template is designed using CaseWare® Working Papers 2008. To use the Enhanced CaseWare®/CICA Audit, you need the following:
· Working Papers version 2008.00.332 or higher
· Minimum 256 MB RAM, 512 MB RAM or higher recommended
· Hard disk:
o Minimum 20 MB for Audit content/libraries/help
o Minimum 100 MB for each open client file
o Minimum 47 MB for each compressed client file
Working Papers 2008 or higher must be installed prior to installing the Enhanced CaseWare®/CICA Audit.
PEM Update #40
No automatic update has been provided in the PEM Update #40 due to the significant changes by the CICA to the content and structural layouts to many of the forms.
Following are the enhancements and modifications between PEM Update #39 and PEM Update #40:
|
Doc No. |
New Doc No. |
Document Name |
Description of Change |
|
1.1, 1.1A, 1.2, 1.2A |
|
Sample final financial statements |
o Modifications made to the statements to include comprehensive income
|
|
310 |
|
Checklist – Audit completion |
o Content update in PEM #40 |
|
315 |
|
Checklist – Financial statement presentation |
o Content update in PEM #40 |
|
335 |
|
Worksheet – Summary of possible adjustments |
o Content update in PEM #40 |
|
400 |
|
Overall audit strategy |
o Content update in PEM #40 |
|
402 |
|
Worksheet – Team planning meeting |
o Content update in PEM #40 |
|
|
404 |
Combined scoping (403) and summary of assessed risks (590) |
o New in PEM #40 |
|
|
511 |
Worksheet – Business and fraud risk identification |
o New in PEM #40 |
|
524 |
|
Worksheet – Analytical procedures |
o Content update in PEM #40 |
|
526 |
|
Worksheet – Risk assessment procedures |
o Content update in PEM #40 |
|
534 |
|
Worksheet – Control documentation checklist |
o Content update in PEM #40 |
|
561 |
568-578 |
Risk control matrix – Instructions on use |
o Renumbered in PEM #40 |
|
|
584 |
Worksheet – Summary of control risk assessments |
o New in PEM #40 |
|
590 |
|
Worksheet – Combined risk assessment |
o Content update in PEM #40 |
|
610 |
|
Worksheet – Substantive sampling |
o Content update in PEM #40 |
|
|
615 |
Worksheet – Test of controls (operating effectiveness) |
o New in PEM #40 |
|
|
630 |
Worksheet – Test of controls – Entity level/IT general |
o New in PEM #40 |
|
662 |
|
Worksheet – Estimates and fair values |
o Content update in PEM #40 |
|
666 |
|
Worksheet – Related party transactions |
o Content update in PEM #40 |
|
668 |
|
Worksheet – Contingencies, commitments, subsequent events |
o Content update in PEM #40 |
|
670 |
|
Worksheet – Journal entries |
o Content update in PEM #40 |
|
|
690 |
Library of potential additional audit procedures |
o New in PEM #40 |
|
A.105 |
A.100 |
Cash – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
B.105 |
B.100 |
Investments – Audit procedures (differential reporting) |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
B.115 |
|
Investments – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
C.105 |
C.100 |
A/R. trade and other – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
D.105 |
D.100 |
Inventory – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
E.105 |
E.100 |
Loans and advances receivable – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
L.105 |
L.100 |
Prepaid expenses & other assets – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
N.105 |
N.100 |
Long-term investments – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
U.105 |
U.100 |
Property, plant & equipment – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
W.105 |
W.100 |
Def., intangibles & goodwill – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
AA.105 |
AA.100 |
Bank indebtedness – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
BB.105 |
BB.100 |
Notes payable and bank debt – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
CC.105 |
CC.100 |
A/P and accrued liabilities – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
FF.105 |
FF.100 |
Income taxes (Differential) – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
FF.110 |
|
Income taxes – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
GG.105 |
GG.100 |
Loans and advances payable – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
KK.105 |
KK.100 |
Long-term debt – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
UU.105 |
UU.100 |
Equity – Audit procedures (partnership) |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
UU.110 |
|
Equity – Audit procedures (share capital) |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures o Renamed to Equity – Audit procedures (corporate) |
|
705 |
|
Revenues – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
725 |
720 |
Cost of sales – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
|
735 |
730 |
Payroll and other expenses – Audit procedures |
o Content update in PEM #40 o Detailed Audit response has now been combined with the Audit procedures |
The following documents have been removed as part of the PEM Update #40.
· 0.1 – Mapping number explained
· 585 – Worksheet – Matters for discussion
· 612 – Worksheet – Test of control design
· 638 – Worksheet – Test of control – Entity level
· 640 – Worksheet – Test of control – IT general controls
· 652 – Test of control – Blank
· A.100-UU.100, 700, 720, 730 – “Detailed audit responses” – these have now been incorporated with the Audit procedures
· New functionality to add detailed audit response table at the top of the document. This functionality is available to all audit programs.
· New functionality to turn off note numbering on a procedure.
· Extended procedures listed in document 690 – Worksheet – Library of potential additional audit procedures has been included in each audit program content library with an asterisk (*) for ease of use.
· Mapping has been updated to match the updated lead sheet grouping.
· The help system has been upgraded to use the same system as the help system in Working Papers.
Note: This enhancements listing only includes major content / functionality changes. Minor changes were made to some documents not included in this listing to improve content and usability.
The Enhanced CaseWare®/CICA Templates provide exciting new features and significant improvements in functionality, including:
Document Library – the template utilizes the Document Library feature in Working Papers to streamline the inclusion of the content into existing client files. This feature allows you to easily drag and drop the updated template content into any existing client file. The master library can also be modified by the firm and then made available for all client files.
Enhanced Functionality for Programs and Checklists – Programs and Checklists now take advantage of CaseView technology. This dramatically improves the ease-of-use and customizability of these documents.
Tracking Risk – a centralized risk tracking system allows you to track and summarize identified risks. Record risks as they are identified throughout the audit by clicking the “risk” button in any CaseView document. These risks are recorded in one central location in each client file and are automatically transferred to specific risk documents. These risks are also available to be copied to other selected audit documents.
You can integrate the Enhanced CaseWare®/CICA Audit with your client data in one of 3 ways:
·
Add to an
existing Working Papers client file
(i.e. copy the template documents into an existing client file)
·
Create a new
file from existing client data
(i.e. create a file based on an existing Working Papers file or an accounting
package)
·
Create a new
file
(i.e. no existing client data at the time of creation)
Adding to an existing Working Papers client file
You can transfer the Enhanced CaseWare®/CICA Audit into any existing Working Papers client file using the Document Library function in Working Papers.
1. Launch Working Papers and open your existing client file.
2. From the Document menu, select New.
3. From the New Document dialog select From Document Library… Click OK.
4. Use the drop-down menu to select the template.
5.
Highlight the required documents and either click Add or drag and
drop them onto the Document Manager.
Creating a new client file from existing client data:
1. Open Working Papers 2008 and select Create a new file from client data and click OK.
2. Bring in the trial balance by choosing one of three options:
· Client data file – based on an existing QuickBooks*[*] accounting file
· Existing file – based on an existing Working Papers file
· Other Data Source – based on another accounting package
3. Click Next. Choose the file whose trial balance data you wish to include in the new file.
4. Click Next. Enter a new file name for your client file and select the appropriate file as the base file.
5.
Click Finish. All components of the template are copied
automatically to your new client file.
1. Open Working Papers 2008 and select Create a new file and click OK.
2. Enter a new file name for your client file and select the appropriate template as the base file. All components of the template are copied automatically to your new client file.
3. After the copying is completed, the Engagement Properties dialog is displayed. Select the beginning and ending dates for your client’s fiscal year. Click OK.
Below are initial steps each user of the Enhanced CaseWare®/CICA Audit template can take:
User
· In the client file, the user completes the applicable documents on the Document Manager. Other required documents can be brought in from the master file through the document library by selecting Insert | New Document | From Document Library from the Working Papers menu.
Firm
· In the master file, the firm's first step is to review the programs and checklists on the Document Manager. The program settings in the document AO – General options should be reviewed.
· Any modifications to the master firm copy of the Enhanced CaseWare®/CICA Audit file must be performed at the firm level prior to creating new files for the individual client engagements.
In the Enhanced CaseWare®/CICA Audit, we include an enhanced version of the risk forms. They are denoted by the letter “E” after the document number, for example, 403E Worksheet - Scoping - Identifying FSAs and underlying business processes (Enhanced). The regular forms without the automation can be found as 403. Only one of the two forms should be filled out, as they are the same forms in different degree of automation. We recommend using the enhanced versions of the risk forms to report risk from any document in Enhanced CaseWare®/CICA Audit.