Plan the engagement

The Engagement Planning phase focuses on material financial statement areas and other areas where material misstatements are likely to arise. In Caseware ReviewComp, you'll find all the documents that help you complete the engagement planning tasks under the Planning folder.

Planning tasks for a Review engagement include:

1. Import the client's financial data
2. Understand the client's business
3. Complete the materiality form

Import the client's financial data

If you're preparing financial statements as part of your engagement, you need to import your client's trial balance data from the related Financial app and import the transactional data into the engagement app.

If you're not preparing financial statements as part of your engagement, you need to import your client's trial balance data and transactional data. Once you import the data, you can request a few clarifications or information from the clients. If you don't need further information or clarifications, you can start preparing the financial statements.

Caseware ReviewComp allows you to import trial balance and transactions data from a variety of sources:

• Caseware Working Papers engagement files
• CSV or Excel files
• Desktop accounting software packages
• Online accounting services (QuickBooks and Xero)

You can post adjustments, add accounts and make other changes in the imported data. To learn more, see the following topics:

• View the client's trial balance data
• View transactional data
• Assign accounts to groups
• Add accounts or groups
• Post adjusting entries
• Annotate the trial balance
• Report issues in the trial balance data

Understand the client's business

You can't perform a Review engagement without understanding your client's business. Once you review the information provided by the client and have a good understanding of your client's business, complete the A-200 Planning checklist to document and record your findings.

Complete the materiality form

You will need to consider material amounts for misstatements in the client file. The A400 Materiality document is available in the list of documents at the Planning folder to help you record the determination of materiality for your engagement.

To learn more, see Complete the materiality form.