In this issue
- New Feature: Prompt for job template updates
- New Feature: Customising pages on a job by job basis
- New Feature: Ability to bulk-delete lines in Trial Balance
- Package updates: Tier 3 PBE checklists
- Recent Q & A
- Training: Waikato / Bay of Plenty Area
New Feature: Prompt for job template updates
We find that many users are unaware that there are newer versions of templates containing newer features and more up to date content.
We have also had feedback that it is often not easy to select the best template due to the layout of the selector and the number of options. So we have tried to tidy this up by making descriptions clearer, and flagging older job types so they are no longer selectable.
We have also added a red flag (as above), to indicate that a newer version is available and provide an easy upgrade path. To use:
- Click on the flag to see the new template options (may be more than one).
- The upgrade may be done right then, or you may choose to hide the prompt until after roll-over.
- In most cases when an upgrade is made your data should all be retained (if there are any issues you may recreate or roll back to the old version if you wish using the duplicate/restore function).
Note that for For Tier 1 and 2 jobs, the content in the "old" Tier 1 and 2 template is not technically out of date, its just that we have some more precise templates depending on whether the job is a PBE or IFRS client, added some fixes plus the IFRS or PBE checklists.
See article on support site for more information.
New Feature: Customising pages on a job by job basis
As mentioned last time, we have now released the ability to customise individual pages.
The most obvious applications are for items that are not applicable on shared pages to be hidden to reduce the amount that the client has to complete, or to add an additional step to a page for some specific question that applies to this client alone.
We have now added notes on how to customise pages.
New Feature: Ability to bulk-delete lines in Trial Balance
We have now added the ability to select and delete blocks of content on the Trial Balance.
- Select multiple individual rows (cmd+click) and/or;
- Select blocks (shift+click),
- Selected rows turn blue,
- Then use delete key to remove selected rows.
See article for more information about sorting trial balances and creating sub-totals.
Package updates: Tier 3 PBE checklists
We have now created a PBE SPF-Accrual (Tier 3) standalone checklist that fits in the checklist package alongside the IFRS, PBE and SPFS for FPE checklists.
These 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.
The checklists are based on the versions included in the audit package, but have been put into a sequence that follows the standard more closely and is fully cross referenced. When we release our updated Tier 3 audit and review templates this updated checklist will be included. We will also be adding Tier 4 checklists to this package.
To access these go to the Financial Reporting Checklists tab and create a new job. We also have a specific package for non-audit firms to just set up the checklists.
Recent Q & A:
Q. The materiality calculation page for trust account audit has now been changed. Is this an update or something wrong?
A. Yes we did change for the new template based on a bit of discussion and research. The gist of this is that in this type of engagement (compliance with regulations) any non-compliance is potentially material, so we have framed the planning documentation in that way. For example, in the case of a real estate trust account materiality could be expressed as "all breaches of the Regulations are considered material". For more detail see article.
Q. Can you update the engagement letter for small PBEs where the SSP and EI are to be treated as "other information" i.e. excluded from the scope of the audit?
A. We have now updated these for entities where these are excluded (optional engagement letters in Tier 3 and 4 audit templates) in both the Responsibilities of the Auditor and the Responsibilities of the Trustees paragraph (existing letters will need to be deleted and recreated to see the new content).
Q. Can you please fix some typos in the Tier 3 audit reports? - Under Opinion "andcash" should read "and cash" and under Trustees Responsibility "Not-ForProfit" should read "Not-For-Profit".
A. Oops - Fixed now (existing reports will need to be deleted and recreated to see the new content).
Q. I note the representation letter does not include a paragraph about going concern. Can something be added?
A. Yes - this has now been added into the rep letters for all audit jobs (existing letters will need to be deleted and recreated to see the new content).
Q. As a reviewer it would be nice to have some better definition between parts of the page that are workpaper text and the parts added by the staff member?
A. Yes good idea - now once a page is concluded there is a light shading added behind content added by the user. This also shows up on any printed pages.
Q. The new style management letter includes grey lines between each item in the specific matters paragraph. How do I remove these lines? Our typists are complaining that it takes a fair bit of time to reformat the letter.
A.We have now removed the lines so the points just come up as standard numbering.
Q. We are finding tables a bit clunky to use. Can they be improved?
A. Agreed - there were some obvious bugs concerning repeating auto-fill lines we have now fixed. We have also clarified how to add additional lines. We have made adding data more obvious by starting with some default lines and allowing in-line editing - this will be rolled out as we update our templates.
Training: Waikato / Bay or Plenty area
We have been requested by a client to provide a training day in the Waikato / BOP area so we are making this an opportunity for further firms to participate.
The purpose of the day is for bringing new staff up to date with the basics of Audit Assistant and for existing users to refresh themselves with changes we have made and to make sure that they are using all the available features.
- The full day format is designed so that we can cover most of the features and content of Audit Assistant.
- We encourage users to bring laptops and sign in to a demo job for full hands-on participation.
- There will be plenty of time for discussion and specific questions.
We do our best to make the training practical and fun - focussing on both using the software and developing best-practice auditing skills.
We have made a preliminary date of Friday September 6th at the Angelsea Motel Conference Centre in Hamilton. The plan is to start from 9:30am and be finished by 4:30pm, with a break for a walk and lunch at mid-day.
Cost is $200 (plus GST) per participant. Numbers are limited as we find this style works better with no more than ten participants.
Please contact us to register or for more information.
CA BCom - Founder
Photograph at top - A pair of Collared Lory - Colo-I-Suva Forest Park - Fiji