Audit System Template
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The CaseWare Australia & New Zealand Audit System template contains a comprehensive suite of electronic software programs, checklists and audit work papers designed specifically for the audit practitioner in Australia, utilising the internationally recognised CaseWare software as the ‘software engine’.
With references to the Australian Auditing Standards (ASAs) the template is structured to allow practitioners to obtain reasonable assurance that their audit engagements are compliant with the professional and regulatory requirements. CaseWare Australia & New Zealand works with a number of partners and consultants to ensure we have included relevant compliance aspects within each annual update of the template.
By linking in real time to the data within the CaseWare Working Papers trial balance, the Audit System template provides an efficient and automated approach to your audit engagement. Designed to be flexible, Audit System allows you to adopt a risk based approach tailored to meet the specific needs of the engagement.
Benefits of using the Audit System template include:
With increased regulation and a shortage of skilled and experienced audit professionals, firms are finding it more and more difficult to maintain a viable audit practice. Successful implementation of our Audit System template has improved overall audit efficiency for all of our customers:
- Firms have the ability to set firm-wide standards within the template, thus ensuring that all engagement files are commenced using the same standard content.
- All leadsheets, programs, checklists, tick marks etc. are the same from one engagement file to another, ensuring that each engagement file looks and feels the same.
- Because the engagement files are electronic, you only need to create something once. Workpapers and other documents can be utilised over and over again at the click of a button.
- Engagement files are fully multi user allowing the engagement team to work simultaneously on the same file.
- Roll forward for next year allows you to leverage off the current work and setup.
A core feature of the Audit System template design is ensuring that audit practitioners are able to demonstrate compliance with the legally enforced Auditing Standards. The ASAs are referenced throughout, and the Audit System template guides you through the procedures; both ordinarily and mandatory. All mandatory requirements are highlighted, and a control checklist is provided to ensure that you are fully aware of the completion status of the mandatory requirements at all times.
CaseWare Working Papers also features lockdown and file security functionality. This helps ensure that professional standards relating to quality control are being met.
Whilst acknowledging that professional judgment can never be replaced or neglected, with the aid of the Audit System template, Engagement Partners can feel safe in the knowledge that their staff have access to the latest professional standards when needed.
The Audit System template includes a document-management system that intuitively guides you through an audit engagement. The template is pre-structured in a logical manner, however because of the flexibility of CaseWare Working Papers, the template and any resulting engagement files can be structured to suit specific firm standards related to in-house policies and procedures and current indexing systems.
To help firms achieve a completely paperless audit, the Audit System template includes features to add Word, Excel or similar files or scan documents directly into the engagement file and allows these, like all other documents, to be annotated and cross referenced electronically. “Sign Off” and other on-screen review functionality, allows reviewers to be fully aware of what has been completed and what work is still to be done.
Keeping up to date
With International Auditing Standards continually changing and Australia’s decision to legally back compliance with ASAs, keeping up to date is essential. The Audit System template is continuously updated to include the most up to date standards, as well as the latest in best practice guidelines. Our consultants and staff work closely with the Auditing and Assurance Board, the Institute of Chartered Accountants in Australia and other contributors to keep abreast of the latest changes and ensure they are incorporated annually into our templates.
Updates are a key part of the Audit System Template. All customers are sent an update with the latest versions of the software and templates, each year. A major benefit of the update process is that you can ‘check for updates’ and choose which content to include in existing files without overriding current modifications. This flexible approach means that you have complete control over the files and templates.
The Document Manager feature, updated programs and checklists, revised assertions and links to the manual, are included throughout the Audit System template. In our latest versions, links to international databases detailing common risks and risk minimisation strategies is an added benefit.Register for a FREE, no obligation CaseWare Audit System Live Product Presentation