As most of you will be aware there are changes to audit reports which potentially affect jobs with post 15 December balance dates. At the end of December we started working on these new audit reports and we have enlisted the help of Bill Heritage to create all the various combinations to insert into Audit Assistant.
You will appreciate that there are quite a few related changes to various standards, so we are taking the opportunity to not just release new reports, but also to update our templates. The new templates so far released are as follows:
- Tier 1 and 2 Audit (2016 updates) - this covers all Tier 1 and 2 jobs, both Public Benefit and For Profit is now available, and incorporates all the 15 Dec 2016 applications - replaces old IFRS and GPFS templates
- SPFR for FPEs Audits (2016 updates) - this covers for-profit entities with profit under $30million - replaces jobs that were likely done under Base Audit template
- Tier 3 PBE (2016 update) - replaces the old Tier 3 PBE template
- Tier 4 PBE (2016 update) - replaces the old Tier 3 PBE template
- Schools template - this hasn't needed to be changed, but the audit reports have been upgraded to the new Auditor General model.
The jobs will all be swappable for current versions so if you have for instance started a 31 December 2016 job using say the IFRS template you will be able to swap this over to the Tier 1 and 2 template and keep all your work but have the new content and reports also.
We will be reviewing the new templates and will be making any changes that come up, as well as adding new work-papers for those that require the audit of the Statement of Service Performance. These changes will automatically flow through to 'live' jobs - but only onto pages that are not yet concluded, so there will be no disruption to work already completed.
As you will appreciate that this update involves much complexity - especially with the different requirements of the new audit reporting standards. So although we have done our best to get this right if you do find something that doesn't make sense or doesn't work as expected please let us know so we can update.