Which CaseWare Audit roll forward process is the best solution for me?

A ‘word to the wise’ from Tim Lew, Caseware Australia & New Zealand Audit Development Manager.

Not sure how best to roll forward your Caseware Audit files? You’ve got 2 options!

Ok! It’s the end of the Audit Season. Or maybe the beginning of the new audit season and you need to roll forward your engagement file to the new year. You want to make sure that all your custom amendments are not compromised, but at the same time you are concerned about keeping your engagement file current and compliant as ASA 315 and ASA 540 have just been updated by the AUASB. What do you do?
Well fortunately, Caseware Audit System has two choices from which to choose. Each engagement file is its own beast and may have specific requirements or components that you may wish to uphold during an update. The two options are:
OPTION 1 – Year-end Close
OPTION 2 – Create New File and Import Data

So what is the difference and how does it impact you?

OPTION 1 – Year-end Close

This requires you to run the Engagement | Year-end Close option from within the prior year file and then run the Functionality update (15 mins on average) and Content update (if required) to ensure the engagement is ready. If you have made considerable changes to the default template in the previous year, such as the following, then it is recommended you follow this process:

  • Custom Programs and/or custom procedures
  • Custom Leadsheet groups (e.g. Receivables, PPE, Revenue, etc)
  • Medium to heavy re-structure of the document manager
  • Heavy work on Caseware Connector via Excel and/or word
OPTION 2 – Create New File and Import Data

This option is literally a brand new engagement file. It will import; your mapped trial balance; Consolidation structure (if it exists); Risks; Controls; Reportable Items – but it will be a brand new Document Manager with no customisations to programs or Leadsheets coming through. You will also be required to import your permanent documentation via Copy Components from the previous engagement to ensure this is in the new engagement.
So you might be thinking, why use Option 2? Well if there has been a major standard change, such as ASA 315; ASA 540 in the near future; or even ASA 700, 701, 705, 706, 710, 720, 800 in recent years; then this option will ensure your engagement is compliant. This option may also be applicable if you are quite happy to accept most of the default settings, groupings and programs that Caseware Australia and New Zealand offer in Audit System. See this FAQ for more specific details.]]>