Auditflow SMSF 4.0. Transition Guide

Transcription

1 Auditflow SMSF 4.0 June 2015

2 Table of Contents Contents Purpose 1 Updating Firm Templates 2 Rolling-forward Audit Files 9

3 Page 1 SMSF 4.0 Purpose To provide you with the best practice knowledge on how to transition your firm template and each of your SMSF audits from Auditflow s SMSF 3.0 product to SMSF 4.0. It is important to note that it is not obligatory to transition your audits from SMSF 3.0 to SMSF 4.0, however it is strongly encouraged as SMSF 4.0 has been developed in conjunction with GAAP Consulting to provide you with the most efficient and high quality SMSF content for completing your audits. We are committed to supporting SMSF 3.0 for the foreseeable future. In future releases, it is not foreseen there will not be any laborious transitions required when moving from SMSF 4.0 to subsequent releases. The below procedures are required to successfully transition from SMSF 3.0 to 4.0 due to the significant differences in content between the two products. Future changes are expected to be minimal and will be managed through Auditflow s content update system.

4 Page 2 SMSF 4.0 Updating Firm Templates If your firm takes advantage of the Auditflow Templates functionality it is recommended that you complete the following procedures before applying updates to your individual audit files. The below procedures take the approach of using the new SMSF 4.0 content as the base content, with any customisations being the addition of any specific firm workpapers or edits to the existing content. Alternatively, if your firm has very heavily modified the SMSF 3.0 content for your specific purposes (e.g. changed all of the referencing, deleted key workpapers such as the audit program etc) then it may be more beneficial to copy over specific workpapers from SMSF 4.0 to your heavily modified template. If you require any assistance with the template update process, please contact one of the friendly team members at Auditflow. Setting up a firm SMSF 4.0 template 1. Access the Manage Templates feature from the Dashboard 2. Click New Template 3. Provide an appropriate name for the new template, 4. Ensure the Template Type is set to SMSF Audit 5. Click Create

5 Page 3 SMSF Once in your new template, click on the Working Paper Index drop down arrow and select Copy Workpapers 7. In the search field, enter SMSF 4.0 and press the search icon 8. Select SMSF 4.0 from the search results 9. Tick the select all tickbox at the top of the menu 10. Click Import 11. Once all of your workpapers have been successfully imported, click on the Working Paper Index tab to return to your template

6 Page 4 SMSF 4.0 Customising the content If not previously done, you should now familiarise yourself with the SMSF 4.0 content to understand what each workpaper includes and how this compares to SMSF 3.0 / your current firm template. Once you fully understand the content of SMSF 4.0, you are now ready to begin adding, editing or deleting specific content for your firms use. We will break the content customisation process down into three distinct steps, being: 1. Deletion of unwanted workpapers 2. Addition of firm specific workpapers 3. Customisation of the content Deletion of unwanted workpapers Firstly, delete any specific workpapers which you do not need or would prefer to continue using firm based versions (e.g. engagement letter, audit report). 1. Identify the workpaper not required 2. Hover over the workpaper until the red Delete icon appears 3. Press Delete 4. Once you have deleted all of the workpapers which you have determined are not required in your firm template, tick the Show deleted workpapers box from the top right hand corner of the screen

7 Page 5 SMSF Double check that the workpapers which you have deleted are not required workpapers which have been deleted will appear grey and struck out 6. Click Permanently removed deleted workpapers to delete them from your template Addition of firm specific workpapers The below procedures will guide you through copying across any customised and specific workpapers from your firm SMSF 3.0 template. If this is your first time creating a firm specific template, simply drag and drop or create the new workpapers in Auditflow like you would on any audit file. 1. Click on the Working Paper Index drop down arrow and select Copy Workpapers 2. In the search field, enter the name of your current SMSF 3.0 firm template and press the search icon 3. Select the firm template from the search results

8 Page 6 SMSF Select any specific workpapers which you want to include in your new template 5. Do not change any of the Import Settings 6. Click Import 7. Once all of your workpapers have been successfully imported, click on the Working Paper Index tab to return to your template 8. Reorder, re-reference and re-name any of the imported workpapers as appropriate

9 Page 7 SMSF 4.0 Customisation of the content Once you have deleted and added in any specific firm workpapers, you are now able to add specific firm procedures, delete unwanted procedures or insert standard responses to a range of procedures for your client base. It is recommended that standard responses only be included in your firm template where the response is applicable to your entire or the majority of your client base. For example, if all of the funds you audit come from a single administrator, then it would be logical to insert standard responses in the B2 Auditor Independence workpaper or the B4 Audit Strategy for the administrator to avoid repetition and re-entry of the same response on every audit file. Below is an example of a standard threat to independence which exists for a firm due to all of the funds which they audit coming from a single administrator. Editing and setting this as a response at the template level will then flow through to each and every audit file created from there on.

10 Page 8 SMSF 4.0 Releasing and using your new template Once you have finished customising your firm template, it is time to release the template and archive the superseded template. 1. Access the Manage Templates feature from the Dashboard 2. Set you superseded template as Archived, this will remove it from the available list of template when creating files or rolling-over 3. Set your new firm based SMSF 4.0 template as Released 4. Happy Auditing!

11 Page 9 SMSF 4.0 Rolling-forward Audit Files If you are part-way through an audit or have completed an audit then it is not recommended that you update any of the workpapers in those particular files. However, when rolling-forward the audit files to complete the subsequent years audit it is important that you update the workpapers at that stage. The below steps will show you how to quickly and easily update an audit file to the latest SMSF 4.0 content during the roll-forward process. 1. Click on the My Files dropdown and select Roll-forward file 2. On the roll-forward menu, type in the name of the prior year audit file you wish to roll-forward 3. Change the File Template to either be SMSF 4.0 or your firm based SMSF 4.0 template 4. Check and update the audit file period details as required and when ready press Next 5. On step 2 of the roll-forward process, only select the following workpapers and folders to roll-forward: a. Permanent file folders and workpapers b. Substantive audit folders and workpapers (e.g. C Income, D Expenses, F Assets etc) c. Any other client specific workpapers which you want to roll-forward (e.g. signed engagement letter) The main folders and workpapers which you will not want to roll-forward will be in the planning and completion folders. You can select specific workpapers if required, however note that any comments or

12 Page 10 SMSF 4.0 responses from the prior year cannot be transferred to the new SMSF 4.0 content. 6. Select the desired Roll-forward Options 7. Press Next

13 Page 11 SMSF On step 3 of the roll-forward process, select all of the relevant workpapers from SMSF 4.0 or your form based template which you want to have as part of your new file 9. Click Import Workpapers 10. Import your trial balance and begin auditing using the latest features, functions and content of SMSF 4.0

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15 Page 13 SMSF 4.0 Disclaimer Information supplied by Auditflow (whether in user documentation and other literature, video or audio material, training courses, websites, advice given by staff, or provided by other means) is intended only to illustrate general principles, and may not be complete, accurate or free of error. As auditing standards, accounting standards, taxation requirements, legislation and the circumstances of individual businesses vary widely, this information cannot be considered authoritative and may not apply to your specific situation. You should obtain competent advice from a qualified information technology or legal professional before acting on such information. To the extent permitted by law, Auditflow is not liable for any special, consequential, direct or indirect damages arising from loss of function, profits or data resulting from your application of such information. In the event that any of the above limitations are found to be unenforceable, Auditflow s liability is limited to the return of any fees or monies paid for the purchase of the product or service. Written in Australia. Auditflow Pty Ltd Westend on Sixth Suite 30610, Level 6 Southport Central 3, Commercial 9 Lawson Street, Southport, QLD 4215, Australia Website: