SMART functionality provides automation to the complete PPC audit process that will help you be more efficient using PPC forms on your audit

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2 SMART functionality provides automation to the complete PPC audit process that will help you be more efficient using PPC forms on your audit engagements. If you already use engagement software in your firm, regardless of which vendor s software you use, you will continue with those current processes. Field Work does not replace any engagement software. You will continue storing your completed PPC forms in your engagement software using new Field Work functionality that will help you improve that integration. SMART Field Work uses your paperless engagement software s unique benefits such as trial balance, with SMART s equally unique features which allow you to organize and complete your audits in the most efficient manner possible. 2

3 If you have an existing client engagement in Engagement, use the workpaper properties rollforward settting Replace in roll forward with a placeholder on all the documents that be used in SMART. A placeholder appears in the new binder for the new period. You can later replace the placeholder with a file created from SMART. The placeholder maintains the name and index for the workpaper until you can add it. 3

4 To add a new placeholder to a client engagement in Engagement, select File/New Placeholder. You can also use the right click menu. 4

5 SMART Practice Aids - Field Work is designed to allow you to achieve all the benefits of having your entire PPC engagement forms within SMART while continuing to use your engagement management software to organize and manage your engagement workpapers. Selecting Yes: Blocks the ability to sign-off (and finalize) documents in SMART since it is assumed that these activities will be done in your engagement management software. Provides automatic prompting at the beginning of your engagement to create SMART Docs for placement in your engagement management software and subsequent prompting to update SMART Docs when needed. Provides warnings when navigating to documents for which might not have rights in your engagement management software. Gives you the option of invoking full Navigation pane functionality, which allows you to view your documents in SMART in a tree list view. Firms that do not use external engagement management software should select 'No' and will have the ability to organize and sign-off workpapers within SMART. If you indicate that you do not plan to use external engagement management software, you will have the ability within SMART Practice Aids - Field Work to sign-off workpapers. In some cases, firms using external engagement management software might choose to not select the option here for using engagement management software, particularly if they wish to sign-off documents both within SMART and within their engagement management software. However, such firms typically will select the option here for using engagement management software. 5

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7 Insert Workpaper Reference creates a link to any workpaper stored in SMART. Best practice for engagement software users, you will use this for PPC forms in SMART. Insert Memo Reference to refer to workpapers stored in engagement software. (This will be reference, not a link.) Insert Hyperlink will link to website or document stored outside of SMART by browsing in Windows Explorer. This is not recommended for Engagement users since those documents are not easily accessible with recognizable names in Windows Explorer. Signoff steps as they are completed by right-clicking the step and selecting Step Sign-off. Click the yellow comment icon next to a step to add comments, if desired. Add PPC Forms allows you to add PPC Forms that are SMART enabled. Selecting Yes to the setup question will exclude adding other document types to SMART. Refer to explanation for engagement setup. Use Workpaper Properties to change workpaper reference on PPC Forms and set rollforward properties. 7

8 All work on audit programs, including step sign-off, is done in SMART. Use Completion view to sign-off on steps, add comments, and workpaper references. Use Design view to tailor audit programs by using drag and drop and add custom procedures if necessary. Use SMART design view to filter procedures by assertion. Can even go back to risk assessment, add or change identified risks and assessments. Will not lose existing step sign-offs done in SMART. 8

9 Select Tools/Create SMART Docs. Flag indicates documents that have never been created or that have changed since last created. Select one or more documents, click Create. Enter a path where the documents should be saved and click OK. This is a temporary location not the path of Engagement since Engagement won t recognize the documents until inserted. 9

10 You will continue to use Engagement functionality as you do today, and insert SMART Docs the same way you would insert any other document. 10

11 Select the placeholder in Engagement and select File/Replace Placeholder. 11

12 Browse to select file. 12

13 This is the folder location selected when you created SMART Docs. Check the box to delete source file after inserting. 13

14 File/New Workpaper From File is one option to insert any document, including SMART Docs, into Engagement. You can also use the right click menu. 14

15 Select one or multiple files from the folder path you used when creating SMART Docs. Check the box to delete source files after inserting and that will remove those files from the folder path so that you only have 1 copy of the document in Engagement. 15

16 Enter Workpaper Properties including Index #, Workpaper Name and Tab Location. Roll Forward option should be Replace with Placeholder. 16

17 Drag and drop is another option to insert any document, including SMART Docs, into Engagement. Enter Workpaper Properties. 17

18 Use right click menu and any functionality available. Open the workpaper the same way you would open any Word document to view the SMART Doc in Word. 18

19 The SMART Doc in Word is a read only document. You can review the document and sign off on the workpaper in the engagement binder tree. If any changes need to be made, to ensure all changes are made in SMART, select Open this workpaper in SMART Practice Aids from the PPC menu. This will open the workpaper in the SMART client engagement. Note that the company name and balance sheet date are completed from input in SMART. To view the input in SMART, go to Edit/Engagement Setup and click the Other tab. The client name and engagement can be entered or changed on that tab. 19

20 Make all changes to PPC forms in SMART. 20

21 After changes, Create SMART Docs again to have the updated document stored in the engagement software binder. If you close the SMART engagement without creating SMART Docs after making changes, you will be prompted with a message reminding you that workpapers were changed or deleted and warning that previously created SMART Docs may longer be current. 21

22 To insert updated SMART Doc, use options previously shown for File/New Workpaper from File, or drag and drop. On Workpaper Properties, enter the same Index # and Workpaper name as existing document that will be replaced, select rollforward to Replace with Placeholder, and check the box to Overwrite existing document. There is no need to first delete the original document, just use the overwrite option. 22

23 Modified after Reviewer Sign Off. The Modified After Sign Off icon displays if the workpaper has been modified after a reviewer has signed off and the option to flag workpapers modified after sign off is selected in Administrator. The Index # and Workpaper Name is displayed in bold when the document has not yet been open. 23

24 When creating engagement in SMART, you have two options that provide an easy set up. 1) If you use engagement management software use PPC documents with SMART functionality in SMART create SMART Docs to store in your engagement management software manage all documents in your engagement management software. 2) If you don t use engagement management software (or even if you just prefer this option regardless) use all types of documents in SMART manage all types of documents and sign-off and finalize in SMART. In some cases, firms using external engagement management software might choose to not select the option here for using engagement management software, particularly if they wish to sign-off documents both within SMART and within their engagement management software. However, such firms typically will select the option here for using engagement management software. Selecting No will also allow you to add and management all document types in SMART. You will still be able to Create SMART Docs and store documents in the engagement software and see flags when document has changed since last creating. However, you will not receive the reminder prompt if documents have changed and you close the engagement without creating SMART Docs. 24

25 Firms who use engagement management software should continue to add other workpaper types, such as Word, Excel, or PDF documents, to the client binder in the engagement management software rather than in SMART. For example, if linking trial balance numbers to Excel files is used in the engagement software, that type of document should still be stored in the engagement software as that linking is not available in SMART, and there is no trial balance in SMART. And there would be no need to duplicate these documents in SMART. However, there is an option to add and manage other document types in SMART by answering No to the question Do you plan to use engagement management software when creating a new client engagement. You can add and manage PPC Practice Aids, Checkpoint Tools documents, external documents, Word and Excel documents. Workpapers and schedules already created outside of SMART can easily be added and managed in SMART by adding external documents. Create your own Word and Excel documents and manage in SMART these documents will open directly in Word or Excel for easy editing. After completion, these documents would still be created from SMART and stored in the engagement software. 25

26 Another feature available when answering No to the question Do you plan to use engagement management software is Workpaper Sign-off for completed and reviewed, and finalize the workpaper. Users cannot make changes to finalized workpapers without first unchecking the Finalize Workpaper checkbox. When using Workpaper sign-off in SMART, you will still sign-off in the engagement software binder tree (this workpaper signoff does not carry to engagement software). 26

27 Thank you for your use of Thomson Reuters software, content and workflow tools in your firm. 27