Audit Profile 1 - Australia
What is the Australian Profile?
The Australian Profile includes all available documents and forms based on the requirements of the Australian Auditing standards. This profile should be used for all medium to large audit engagements.
The Australian Profile includes:
- Trial balance, journal entries and issues. Issues are used to track specific audit areas.
- Optimiser checklist to customise specific procedure actions in work programs and remove documents based on checklist questions.
- Australian audit forms to document planning, risk assessment/responses, and completion of the audit.
- Materiality worksheet and key materiality information at the top of most documents
- Financial statement assertions (FSA)
- Deleted immaterial audit sections.
- Deleted procedures on risk assessment.
- Audit Plans and Procedures - leadsheets and audit work programs
- Identified Misstatements - unrecorded journal entries (summarised by factual/projected/judgemental) and a summary of unadjusted misstatements.
- Disclosure Checklists
- ASA Standards document to confirm which requirements have and have not been met.
- Risk database where risks can be easily added throughout the engagement and summary risk reports produced.
- Reportable item database where reportable items can be accumulated throughout the engagement and a report to management/those charged with governance can be prepared.
- Control database where controls can be easily added throughout the engagement and linked to risks. Control matrix reports can be generated showing risks and related controls. Only key control attributes are accumulated.
- Mapping: launches the Account | Assign Mapping Numbers screen.
- Optimiser: launches the OPT - Engagement Optimiser checklist.
- Materiality: launches the 2-200- Materiality document.
- FSA: launches the FSA - Worksheet - Financial Statement Areas document.
- OCR: launches the Optimiser Confirmation Report document.
- RRPT: launches the RRPT - Risk Report - Detailed document.
- CRPT: launches the CRPT - Control Report document.
- MRPT: launches the Management Letter Report document.
- Constellation: launches the Constellation program.
- Requirements: launches the 6-100 - Sign-off ASA Requirements document
- Refresh Q: updates the META DATA (cloud users only).
- Update: launches the UPDATE - CWUpdate document.
- Confirmation: launches the confirmation website.
- Industry: allows you to select an industry (not used in Australia/New Zealand template).
- Page Setup: allows you to select the page orientation and type for work programs, checklists and other specific documents.
- Work Program: Creates a blank program.
- Checklist: Creates a blank checklist.
Risk / Control / Reportable Items Dialog
The risk dialog in the Australian Profile is comprehensive. All options are available in this profile to cater for medium to large audit engagements.
The controls dialog in the Australian Profile is comprehensive. All options are available in this profile to cater for medium to large audit engagements.
Reportable Items dialog
The reportable Items dialog in the Australian Profile is comprehensive. All options are available in this profile to cater for medium to large audit engagements. It also allows users to select Interim management letters as an option.
The Procedure responses are relatively consistent among all the profiles. The only one that may change would be the Unable to complete ASA requirement.
What is unique about an Australian profile engagement file?
- Creating a combined engagement file. During the “create new file process” the user may be prompted with a message asking them, “Do you want to create a combined audit and financials file?”. If the user clicks Yes, CaseWare will copy across the Financials components into the engagement, creating a combined engagement file of audit workpapers and financial statements.
- 4-750: Independent Audit Report: The template audit provided is determined by the users based on the answers provided to questions in the table at the top. The content of this document is from the suggested audit report templates in the appendices ASA 700, 705, 706 and 800.
- 6-100: Sign-off Report - ASA Requirements. The 6-100 document lists every requirement of the ASAs and automatically indicates which ones have been addressed, as the auditor completes relevant programs and checklists. It is designed to ascertain the progressive completion of the ASA requirements during the engagement and to ensure all requirements of the standards have been addressed at the completion of the audit.