Audit Profile 4 - Review

What is the Review Profile?

The Review Profile includes all available documents and forms based on the requirements of the ASRE requirements. This profile should be used for review engagements.

 

The Review 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.
  • Review 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) determines material sections to advise on risk assessment.
  • Procedures - Half-year leadsheets and work programs
  • Specific Disclosure Checklists
  • 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.

 

Template Toolbar

  • 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.
  • 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.

 

Review Profile - Risk / Reportable Items Dialog

Risk dialog

The risk dialog in the Review Profile is less comprehensive than the larger profiles. All options are available in this profile to cater for review engagements.

Reportable Items dialog

The reportable Items dialog in the Review Profile less comprehensive than the larger profiles. All options are available in this profile to cater for review engagements.

Procedure responses

The Procedure responses are relatively consistent among all the profiles. The only one that may change would be the Unable to complete ASRE requirement.

 

 

 

 

What is unique about a Review profile engagement file?

  • No Controls feature

  • B.08 - X.08 Half-Year Leadsheets: The half-year leadsheets have been pre-determined to display the first half of the current year, along with the first and second half of the prior year. The review profile also includes other half-year workpapers such as; 3-107 - Trial Balance; 3-116 - Analytical review; 4-307 - Income Statement; and 4-308 - Balance Sheet.

  • 4-070: Review Report: The report is generated based upon the answers selected by the user from the control table above. The content of this document is from the suggested review report templates in the appendices ASRE 2400, 2405, 2410 and 2415.

  • 5-205 / 5-215 Management / TCWG letters: These letters are unique to the Review profile and link to the Review report’s conclusion. The conclusion will flow into the management and TCWG letters.

 

 

Attached Files (2)
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