Caseware refresher slides

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Internal training for staff in updating CaseWare files for the June 2013 year.

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Caseware refresher slides

  1. 1. Audit Training - Caseware Refresher - June 2013 Caseware Refresher June 2013
  2. 2. Objectives for today • What's new in the March 2013 software update. • Process for roll forward and updating files • Financial statements – Where to start and some pointers on common mistakes • Consolidated caseware files and financials • Collecting evidence for SUD’s and MLP’s Audit Training - Caseware Refresher - June 2013
  3. 3. March 2013 Software Update • Tabs • Excel and Word – “Open in New Instance” • Annotation Toolbar • Enhancements to issues • Journal entries Audit Training - Caseware Refresher - June 2013
  4. 4. March 2013 IRFS Template Update • Change to entity types If you have previously used one of the entities above noted in above, you will need to choose an appropriate alternative entity within the Financial Statement Options document. When returning to the Financial Statements, ensure you click No when the below message appears. Audit Training - Caseware Refresher - June 2013 Entity Name Change DO NOT USE - Unit Trust (reporting) Activation code required– please use Trust (special purpose) DO NOT USE - Unit Trust (non-reporting) Activation code required– please use Trust (special purpose) DO NOT USE - Discretionary Trust (reporting) Activation code required– please use Trust (special purpose) DO NOT USE - Sole Trader (reporting) Activation code required – please use Sole Trader DO NOT USE - Partnership (reporting) Activation code required – please use Partnership DO NOT USE - Joint Venture (reporting) Activation code required – please use Joint Venture (special purpose) University New entity March 2013 – Activation code required
  5. 5. March 2013 IRFS Template Update - Continued • New Content • Accounting policies • Notes to financial statements Audit Training - Caseware Refresher - June 2013 • Inventories • Construction work in progress • Property, Plant and Equipment • Borrowing costs • Financial Instruments • Goods and services tax • Impairment of assets • Foreign currency translation • Cash and Cash Equivalents • Government grants • Share Capital • Adoption of new and revised accounting standards • Income Taxes • New accounting standards for application in future periods • Provisions – Provision for carbon tax • Issued Capital – Capital Management (replaces old content) • Financial Risk Management (replaces old content) • Property, Plant and Equipment – Movements in carrying amounts of PPE (replaces old content)
  6. 6. March 2013 IRFS Template Update - Continued • Financial Enhancements • Balance check • Unreconciled difference row • New right click items for numeric cells • Adjusting journal entries • Drilldown to filtered trial balance • Activation codes – restrictions to some entity types • File size reduction Audit Training - Caseware Refresher - June 2013
  7. 7. Current Release Versions The following release versions are the current distributed by CaseWare A&NZ: • CaseWare Working Papers (2013.00.043) • CaseWare Working Papers Smart Sync (2013.00.043 ) • Audit System (13.00.138) • FinancialsIFRS (10.30.161) Audit Training - Caseware Refresher - June 2013
  8. 8. Caseware Year End Close and File Update Summary of steps to roll forward and update a caseware file PART 1 – Roll forward 1. Take a copy of last year’s file on to your C:/ drive. 2. Perform a year end close (Roll forward). 3. Open the Roll forward file and check the versions by typing “VR” in the browser. 4. If the file has been marked as completed no version information will be available. 5. At the top of this document, untick “This client file is marked as complete”. 6. You should now be able to view the version information. 7. Type CQ in the Document manager if updates are available a box will pop up asking if you would like to update this file, click update. Audit Training - Caseware Refresher - June 2013
  9. 9. Caseware Year End Close and File Update 8. When the below dialog shows up, click Yes 9. Click OK in the next two dialogue boxes. 10. Close the roll forward file. Audit Training - Caseware Refresher - June 2013
  10. 10. Caseware Year End Close and File Update PART 2 – Creating new file using roll forward file 11. Open Caseware and “Create a new file using existing data”. 12. Use the Roll forward file you created in PART 1 above to create this new file. 13. Make sure that you are using the correct template. To confirm that you using the right template, right click and click on properties. 14. The template that should be used “AUDIT SYSTEM.” 15. At the end of the creation a box will pop up asking you “Full” or “Condensed” click “FULL”. PART 3 – Copying financials into the new file 16. Go to file “Copy components”. 17. Select “Copy into this file”. 18. Go to the tab called” “FILE”. 19. Select the roll forward file you created in PART 1 above. 20. Under the components tab tick “Documents”. 21. Under the documents tab click “deselect all” then manually select “Financial Report” and “IFRS control documents” folder. 22. Once copied go to VR and check your versions. Audit Training - Caseware Refresher - June 2013
  11. 11. Caseware Year End Close and File Update PART 3 – Copying financials into the new file - Continued 23. The versions to check are the following: – Financial IFRS – 10.30.161 FSIFRS - Financial Statements Ver:118 – Audit System – 13.00.138 CQ – Firm Settings Ver: 79 If your versions are still not correct, repeat steps 7 -9. Once complete you should have all the correct updated versions as noted in point 21. Audit Training - Caseware Refresher - June 2013
  12. 12. Caseware Year End Close and File Update PART 4 – Update the file for work papers and mapping 24. Go to file “Copy components”. 25. Select “Copy into this file”. 26. Go to the tab called” “TEMPLATE”. 27. Select “FinancialIFRS” and click next. 28. Under the components tab tick “Documents”. 29. Under the documents tab click “deselect all” then manually select the following documents a. 25-135 - Graphs and Ratios b. 30-302 - Adjusting journal entries – unrecorded (factual) c. 30-306 - Adjusting journal entries – unrecorded (judgemental) d. 30-310 - Adjusting journal entries – all e. 30-480 - Trial Balance by mapping number – All f. 30-481 - Trial Balance by mapping number – Balance Sheet g. 30-482 - Trial Balance by mapping number – Income Statement 30. Under the components tab tick “Groupings/Mapping”. 31. Tick Mapping and click the top “Options” button. 32. Select Merge source file’s mapping structure (new numbers are added). 33. Click Select All. 34. Click OK 35. Click Next, Next and Finish Important If you have modified the properties of any mapping numbers (for example, the extended descriptions) and you wish to retain these, un-tick the appropriate properties in the screen above. Otherwise, these modifications will need to be re-done. Audit Training - Caseware Refresher - June 2013
  13. 13. Financial Statements • Method to insert new financials • Conceptual framework – Framework for the Preparation and Presentation of Financial Statements • Small Pty Ltd vs. Large Pty Ltd • Assets greater than $12.5 m • Revenue greater than $25m • Employees greater than 50 • Special Purpose vs. General Purpose • All reporting entities have to prepare general purpose financial statements • Definition of reporting entity (SAC 1, para.40) • “ Reporting entities are all entities (including economic entities) in respect of which it is reasonable to expect the existence of users dependent on general purpose financial reports for information which will be useful to them for making and evaluation decisions about the allocation of scarce resources.” • Examples of General Purpose • Listed companies • Companies Limited by Guarantee • Not for Profit Organisations • Special purpose – All other non reporting entities • Financial Statement options Audit Training - Caseware Refresher - June 2013
  14. 14. Financial Statements - Continued • Minimum disclosures required • AASB 101 – Presentation of financial statements • AASB 107 – Statement of cash Flows • AASB 108 – Accounting Policies, Changes in Accounting Estimates and Errors • AASB 1054 – Australian Additional Disclosures • Compliance with Australian Accounting Standards • Reporting Framework • General or Special Purpose • Audit fees • Imputation Credits • Reconciliation of Net Operating Cash Flow to Profit (Loss) • Insert Accounting policies and Tailor Accounting policies • At a minimum an accounting policy is required for all material items in the financial report • Formatting issues Audit Training - Caseware Refresher - June 2013
  15. 15. Consolidated Financials • Two methods for creating consolidated caseware files • Single caseware file with multiples trial balances and multiple financial statements • Separate caseware file for each entity including parent entity • Example of each method Audit Training - Caseware Refresher - June 2013
  16. 16. This document contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgement. It does not purport to be comprehensive or to render professional advice. The reader should not act on the basis of any matter contained in this publication without first obtaining specific professional advice. We believe that the statements made by us in this document are accurate but no warranty of accuracy or reliability is given. Our conclusions are based on interpretations of accounting standards and other relevant professional pronouncements and legislation current as at the date of this document. Should the interpretations, accounting standards, other relevant professional pronouncements or legislation change, our conclusions may not be valid. We are under no obligation to update the matters considered in this document after its publication. © Hanrick Curran, June 2013 All rights reserved Disclaimer Liability limited by a scheme approved under professional Standards Legislation
  17. 17. About Hanrick Curran Our client base is mainly located in South East Queensland, but also extends to Northern New South Wales, Western Queensland, Sydney, Melbourne, Darwin, Townsville and Mackay as well as other regional areas. Hanrick Curran are a member firm of the international Alliott Group, which is a worldwide alliance of independent firms that combine to work on engagements and who refer work where local knowledge is a requirement. Hanrick Curran’s Client Base
  18. 18. Audit Training - Caseware Refresher - June 2013 Thank you www.hanrickcurran.com.au Hanrick Curran t. (07) 3218 3900 f. (07) 3218 3901 Level 11 307 Queen Street Brisbane Qld 4000 GPO Box 2268 Brisbane Qld 4001

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