What's new - Caseware ReviewComp Spring 2023 (v1.2567.0)

Here is a listing of what's new for the Caseware ReviewComp Spring 2023 release.

Caseware ReviewComp rebrand

To better align with your professional needs, we’ve rebranded Caseware RCT (ReviewCompTax) to Caseware ReviewComp. Although Tax is no longer supported, you can still export your GIFI balances from our built-in GIFI forms. You can continue to perform reviews, compilations, and professional accounting services engagements.

Not for profit review engagement support

Caseware ReviewComp now supports not-for-profit review engagements for Registered Charity and Not For Profit organization types. You’ll have access to not-for-profit specific financial groups and content, including a new engagement letter, understanding the entity documents, an updated review engagement report and more.

The Enhancements to consolidation now allows you to add dimensions, up to three levels. When you create dimensions, you can perform fund reporting in your financial statements.

To learn more, see Implement fund reporting.

CPA Canada PEG content updates

Caseware ReviewComp now supports the latest 2023 CPA Canada PEG content updates.

Form Extent Description of revisions
FRF-906 ASPE - General financial statement presentation Updated

  • Updated joint ventures to joint arrangements.
3-97 Worksheet - ASPE supplementary Updated

  • Updated joint ventures to joint arrangements.

  • Updated the Employee future benefits content from the FRF-912 PEG form.

Interactive Resource Center

In addition to a new color scheme, the Help and Contact Us sections have been added to the interactive Resource Center, where you’ll be able to easily access the Online Help or find our contact information.

New Help and Contact Us sections.

Enhancements to consolidation

A number of enhancements have been made to engagement consolidation to support more complicated consolidation hierarchies and circumstances where subsidiary entities do not require separate engagements.

The existing Graph view for consolidation now includes:

  • A search option to allow you to easily find subsidiary entities.

  • Updated designs for each subsidiary card.

  • The ability to expand and collapse branches in the hierarchy.

  • When subsidiaries with separate engagement files are added, a link to the engagement file is available in the subsidiary card to make it easier to navigate between engagement files.

A new Grid view has also been added.

The graph view of the consolidation hierarchy.

The grid view of the consolidation hierarchy.

In addition to these changes, you can now use the Add imported TB option to create internal subsidiary entities for your parent entity and upload trial balance data without linking a separate engagement file for the subsidiary.

The Add imported TB option for entities.

To further support these improvements, the following updates have also been made:

  • You can now add adjustments for internal subsidiaries.

  • The Data page has been updated to support filtering trial balance data for specific entities in the consolidation hierarchy.

  • When you add a calculation from the Datalink dialog, you can specify whether the trial balance data linked is for a subsidiary, consolidated, or for the parent entity.

  • You can now create data link formulas that determine which data to use based on whether the document is set to use consolidated or non-consolidated data.

  • You can now add a Total Consolidation column to dynamic tables to display the total consolidated balance.

To learn more, see Create a consolidation engagement and View data for consolidation engagements in the Data page.

Enhancements to dimensions

Dimensions are group properties that you can configure for groupings to provide further categorization for accounts. An account can be assigned to one dimension within a group for sorting and categorizing.

Dimensions settings

You can now create categories in the Dimensions tab from the Engagement Settings, then add dimensions for each category. For example, you can create a dimension category named Location, then create a dimension for each location that your client has.

You can also:

  • Add second and third-level dimensions.

  • Drag dimensions to reorder them within a category.

  • Assign dimension categories to financial groups from the More actions () menu or the Group properties dialog.

Note that,

  • Firm authors can only modify dimension categories assigned to groups by other firm authors and end users.

  • End users can only modify categories assigned by other end users.

  • Firm authors and end users cannot modify dimension categories for groups that have inherited categories from higher level groups.

To learn more, see Add dimensions.

Dimensions filter for financial groups

A Dimensions drop-down is available in the Financial Groups tab in the Data page to filter the financial groups by dimension categories.

Note that for consolidated engagements, instead of a drop-down, there is a separate Dimensions view for the Financial Groups tab.

Dimensions in dynamic tables

To enhance the ability to use dimensions in dynamic tables, you can filter by dimensions:

  • When inserting a trial balance row.

  • When inserting a trial balance data link as part of a calculation in table cells.

Create new Word and Excel documents

You can now create new Word and Excel documents from within an engagement on the Documents page. When you save changes in the Word or Excel file, your changes are automatically saved to your ReviewComp engagement.

To add a Word or Excel document, select the Add icon () from the Documents page.

The Microsoft Word and Microsoft Excel options in the Add drop-down on the Documents page.

To learn more, see Add new Word and Excel documents.

Embed PDFs in financial statements

You can now embed PDFs in financial statements. Note that,

  • You can add multiple Embedded PDF areas to the financial statements.

  • Only one PDF can be uploaded to each Embedded PDF area.

  • Once you embed a PDF, it’s included in the table of contents for the financial statements.

An Embedded PDF area in the financial statements.

To learn more, see Embed a PDF in the financial statements.

Hide header rows for dynamic tables

You now have the option to hide the header rows for individual dynamic tables in the financial statements. When a header row is hidden, it does not display in the financial statements or in the generated PDF when you print the financial statements.

To learn more, see Hide dynamic table header rows.

Bulk print documents

Bulk print documents are now clearly labeled when you copy files from other engagements.

The Select File to Copy dialog.

Improvement to print preview for financial statements

When you select the Print preview option, the preview now opens to the section of the financial statements you were viewing.

Fixes

The following list features a brief description of the issues that have been resolved in this release.

  • When you select the Next step guidance in either:

    • 1-10 New engagement - Acceptance,

    • 1-20 Existing engagement - Continuance or

    • 1-90 Worksheet - Initial engagements - Opening balances,

    the 2-03 Client queries - Information request link incorrectly directs you to an invalid query document.

  • When you select the SAP - Nature of business or SAP - No provision for income taxes note from the 3-UU-1 Equity (partnership) checklist, it does not appear in the Notes to the Financial statements.