Those using the Historical Financial Audit packages may notice a few differences that we have released today.
Firstly, on advise from users, we have changed the sequence of pages in the finalising area:
- Management Representation Letter is now prepared in the Z section.
- Subsequent events are then reviewed.
- The audit report is then prepared and any third party reporting packages.
- At that point the partner does a final review (a new page) and gives the okay for sign-off.
- Then a finalisation checklist (new page) is prepared to make sure the file is complete and may be closed and rolled over.
This is just about tidying up how jobs are finished off, putting the work into a more logical sequence and allowing a better sense of finalisation. Thanks for the suggestions. For jobs in progress there should be minimal disruption, but we do apologise if this update does come at an inconvenient stage for any one.
Feel free to comment if you think there is anything we may have overlooked or gotten wrong here. Hopefully it will provide a much cleaner flow in the finalisation area.
Secondly, we have updated the risk assessment categories from three to four. Previously we combined audit risk and detection risk. Now we have spilt into four categories of risk to better align with best practice.