Latest Audit Assistant news (31 August 2019)

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In this issue

  • Package updates: Tier 4 PBE checklists
  • New Feature: Editing journals and management points made easier
  • New Feature: Option to restrict conclusion and review by same person
  • Recent Q & A
  • Training: Hamilton on Friday 6th September

 

Package updates: Tier 4 PBE checklists


Our suite of financial reporting checklists is now substantially complete with the addition of the PBE Simple Format Reporting - Cash (2019) for Tier 4 PBE entities.

We are receiving good feedback from users over the package. Remember they may be used apart from audit or review work, to ensure that work completed by your firm, or submitted from other firms complies with the financial reporting standard.

Go to the Financial Reporting Checklists tab to create a new checklist. Or for non-audit firms subscribe to our accounting checklist package. See article or contact us for more information.

 

 

New Feature: Editing journals and management points made easier

For some time we have been asked to make a way for journals to be edited from the Adjustments page (W1). This may now be done.

Previously the journal could only be edited from the page where it was created. There is now a new option on the task-bar next to each journal entry called "edit journal".  For full information on journals see our updated page.


We have also added a similar feature for Management Letter Points. 

Previously the point could only be edited from the page where it was created. Now the auditor may make a "rough" note when they find the point, and tidy it up later on the Management Report page (Y1) before posting to the letter. For full information on management points see our updated page.

 

New Feature: Option to restrict conclusion and review by same person


Some firms have requested that we restrict the same user who has completed a page from also marking that page as reviewed.

Our research has indicated that this does not always work for smaller firms where the reviewer wants to do a quick "fix" to a page, reconclude, then also mark as reviewed. So we have made this an option. Under the security settings an account owner will (very shortly) be able to switch on using "Restrict Review".  For more on review notes and review stamps see our updated page.

 

Recent Q & A:


Q. We use Centix for our AML customer due diligence. Can you create a sharable checklist so we can gather the data we need from all our clients for our CDD requirements?
A. Yes good idea - however this is more than just getting passport or drivers licence numbers and addresses - according to the the Verification Code of Practice 2013 any documentation must be certified by a "trusted referee" (JP, lawyer, accountant etc). So clients would need to scan and have their documents verified before uploading as attachments to the shared page. Our enquiries to Centrix indicate that this is acceptable. 

Q. I have just finished completing my first IFRS checklist using Audit Assistant. A great addition to the available resources. My only issue was that it includes a huge number of questions which are exempted under RDR, and it means a large number of the questions are n/a. Is it possible to have an exclusive RDR checklist which does not include items which are asterisked?
A. Yes this is on our work list to do. All the RDR exemptions and additional requirements are clearly marked but we agree a separate checklist would be ideal.

Q. I'm auditing a BodyCorp trust account company using your BodyCorp compliance template but not sure what criteria I should be using?
A. SAE 3100(17) says that "The assurance practitioner shall assess the availability of suitable criteria to evaluate compliance with the applicable requirements." The practitioner may also develop criteria and if so should obtain agreement with the client (18). Or use "internally imposed criteria, as determined by management or those charged with governance of the entity, including organisational policies and procedures; practice codes; codes of conduct." (A9(b)). In this case my suggestion was to check if the entity have their own set of published criteria for keeping their trust account and that could well form the suitable criteria for the compliance work. For more detail on BodyCorp audits see article.

 

Training: Hamilton on Friday 6th September


This is happening on Friday (and we still have a couple of places)!

  • Purpose: to bring new staff up to date and to refresh existing users with recent changes and make sure that they are using all available features.
  • Time: Friday 6th September, 9:30am - 4:30pm, with a break for lunch.
  • Venue: Soda Inc., (Wintec House, Level 2, Cnr of Anglesea & Nisbet Streets, Hamilton) - free parking available.
  • Cost: $200 (plus GST) per participant. 
  • To register or find out more contact us.

 

Best regards

Clive McKegg
CA BCom - Founder

Photograph at top - My desk last week - the office going yellow for Daffodil Day

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