Example:
Entity A controls entity B, we need to issue two separate audit reports for the two entities. So there will be one audit report for the consolidation, and the audit report for just the entity B. Both A and B are separately registered charities.
Question 1:
Can we have 1 audit file for the entire consolidation, or must we have two separate audit files because we are issuing 2 audit reports?
A. We suggest a seperate audit file for each entity that are issuing a report for. That way you have seperate TBs and presumably lower materiality for entity B.
Question 2:
If entity A and B have the same governance, same management and almost the same internal controls, can we set up 1 audit file for the consolidation instead of having to set up 2 audit files?
A. We suggest you just do the planning in entity A, and reference the entity A planning in the entity B file. Or alternatively do the planning on entity A, then duplicate file for entity B.
There is no template that allows multiple trial balances to be uploaded and consolidation entries as yet . This is in development.