Mapping Leadsheets in an Audit Only file – CaseWare Best Practice

Why you should never map to Leadsheets in an Audit Only file (Written by Tim Lew, Audit Product Manager, Caseware Australia & New Zealand) The mapping process in Audit System has been built to setup the engagement file’s documentation, calculations, and many automated determinations. This is why it is important to always map to map numbers and never directly to leadsheets. If you assign accounts to a leadsheet, you are inadvertently setting your file to work on a one-to-one relationship. Hence several workpapers and efficiency components within your file will not work properly. Sure, you save time during the mapping process, but you later lose time to troubleshooting why things like the auto-calculation of Net Profit (NETINC) is not working. The point is… Assigning to Leadsheet only is a one-to-one relationship. Assigning to mapping numbers is a one-to-many relationship. It will populate your Leadsheets, which is a critical component of the audit, but it will also:

  • Calculate your Net Profit
  • Ensure your ASA 450 Uncorrected Misstatements workpaper is determined appropriately
  • Ensure your Financial Statement Balance Sheet and Income Statement workpapers calculate correctly
  • Ensure you are ready to introduce Financial Statements (if required)
  • Calculates another 37 pre-defined ratios (workpaper 3-100)

…and many more design attributes behind the scenes to properly establish your engagement file. Do I have to go through all of the 15,000 IFRS mapping disclosures, or is there an easier way? One then asks the question, “Is there an easier way to correctly map my engagement rather than going through the 15,000 IFRS mapping disclosures?” The answer is Yes! In our Audit System template, in the Mapping screen, we have set up the Audit tag. See this FAQ for more information on this feature. If you utilise this filter it will cut back the 15,000 IFRS mapping numbers down to less than 80. This can make the mapping process much less daunting! Do this reduced mapping and your audit file setup & calculations should be much more automated and your audit efficiency should increase.