What's new in Audit International v2024.1.0 (2.698)

This version of Audit International (Cloud) includes the changes and new requirements from ISA 600 (Revised), Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors), which are intended to strengthen the auditor’s responsibilities related to group audits. Additionally, the documents listed in this summary have been enhanced to provide more user-friendly content to streamline the audit workflow, as a result of feedback provided by users and practice reviewers/regulators.

Here’s what’s new in Audit International v2024.1.0 (2.698).

Content updates

Changes related to ISA 600

To ensure compliance with the new ISA 600 changes, we've implemented the following:

• Changes to the workflow when assessing group audit considerations: the decision around group audit has been moved to the A200 - Preliminary engagement activities document to ensure that the auditor performs this evaluation at the beginning of the audit work. Additional considerations for group audit will still be documented in A300 - Overall audit strategy.

• Certain documents have been removed from the Audit International product (see below for the full list of documents). These have been replaced with new documents/procedures in existing documents.

New documents

To assist auditors with the new ISA 600 standard (and also in other areas), we've added the following documents:

• A360 - Worksheet - Selecting a component auditor

• A510 - Group audit - Component materiality

• B335 - Understanding the financial reporting process

• B510 - Group audit program - Engagement scoping components

• C160 - Financial reporting - Audit procedures

• C165 - Worksheet - Evaluating the work of a component auditor

• C205 - Letter to a component auditor

• C210 - Instructions for a component auditor

Analytics

To assist auditors and better integrate the analytics tests into the audit work, we've made some changes to the Analytics functionality of the product.

The following documents have been removed from the product:

• B010 - Influencers

• B040 - Analytics Insight

These documents have been replaced with a new technology stack that is embedded in our documentation. Users will now have access to the analytics tests directly from the C145 - Use of journal entries document.

Note: This functionality is being further developed. For any additional information, contact us at europe.support@caseware.com.

Settings form for Substantive sampling documents

We've added a settings form for the Substantive sampling documents to the System Documents folder, which will be available in the template. This form allows you to customize the confidence levels you'll use or any additional reliance factors at the firm level.

List of updated documents

Document Number (Cloud)	Document Name	Changes
A200	Preliminary engagement activities	Document guidance. Major procedure changes. New procedures.
A205L	Terms of engagement - Engagement letter - Draft	Major changes.
A305	Worksheet - Selecting an auditor’s expert	Minor procedures changes.
A310L	Hiring an external audit expert	Removed.
A300	Overall audit strategy	Document guidance. Major procedure changes. New procedures.
A340L	Audit planning letter (Those charged with governance)	Major changes.
A360	Worksheet - Selecting a component auditor	New document.
A400	Team planning discussions	New procedures.
A405	Preparing the risk assessment procedures	Major procedure changes. New procedures.
A500	Materiality	Major changes.
A505	Materiality of qualitative disclosures	Removed - incorporated into A500.
A510	Group audit - Component materiality	New document.
B010	Influencers	Removed.
B040	Analytics Insight	Removed.
B200	Understanding the entity and its environment	Document guidance updated. Minor procedure changes.
B200Q	Understanding the entity and its environment - Query	Document guidance.
B300	Underst. of the comp. of the entity's system of internal control	Minor procedures changes.
B305	Understanding the IT environment	Document guidance. Major procedure changes. New procedures.
B310	Understanding the IT environment - Listing	Document guidance. Major procedure changes.
B315	Identifying risks through understanding	Minor guidance changes.
B320	General IT Controls	Document guidance. Major procedure changes. New procedures.
B335	Understanding the financial reporting process	New document.
B510	Group audit program - Engagement scoping components	New document.
C135	Subsequent events	Major procedure changes. New procedures.
C145	Use of journal entries	Major procedure changes.
C160	Financial reporting - Audit procedures	New document.
C155	Worksheet - Evaluating the work of a component auditor	New document.
C205	Group audit - Acceptance and planning	Removed.
C210	Group Audit - Evaluation and conclusion	Removed.
C215	Group Audit - Evaluation and conclusion	Removed.
C220	Worksheet - EQR checklist - Group audits invo. comp. auditors	Removed.
C225	Worksheet - Group audit - Group audit planning memorandum	Removed.
C230	Worksheet - Group audit - Group component summary	Removed.
C235	Worksheet - Group audit - Component auditors summary	Removed.
C245	Worksheet - Consolidation - Instructions for consolidation procedures and group financial reporting	Removed.
C250	Worksheet - Consolidation procedures	Removed.
C255	Worksheet - Goodwill impairment	Removed.
C305	Worksheet - Group audit instructions	Removed.
C310	Worksheet - Group audit questionnaire	Removed.
C315	Worksheet - Group audit questionnaire - Subsequent events	Removed.
C320	Worksheet - Component auditors - Firm summary profile	Removed.
C325	Worksheet - Component auditors - Firm infrastructure evaluation	Removed.
C330	Worksheet - Component auditors - Firm methodology evaluation	Removed.
C335	Worksheet - Component auditors - Firm independence confirmation	Removed.
C205	Letter to a component auditor	New document.
C210	Instructions for a component auditor	New document.
D505	Worksheet - Matters to be communicated to management and TCWG	Document guidance updated. Major procedure change. New procedures.
D510	Communications to be made by the auditor with TCWG and management	Document guidance updated. Major procedure change. New procedures.
D515L	Management letter - Draft	Minor changes.
D520L	Report for those charged with governance	Document guidance.
D525L	Audit findings - Sample letter	Document guidance. Minor changes.
D610	Reporting checklist	Major procedure changes.
D615	Documentation checklist	Major procedure changes.
D625	Checklist - Audit completion (Core)	Document guidance Major procedure changes. Conclusion updated.

Bulk actions

The Documents page now includes the option to modify multiple documents at once. When you enable the Bulk actions option from the More actions () menu on the Documents page, you can select multiple documents and then move, delete or sign off all the documents at once.

Cloud Connector

Caseware Cloud Connector is a Microsoft Office add-in that creates a real-time data linkage between your engagement and Excel. With that linkage in place, you can access and retrieve trial balance data and engagement and firm properties, then insert the information into an Excel file. If a linked value or information changes in the engagement, it's automatically updated in the Excel file.

Caseware Cloud Connector will be available in your region soon. For any additional information, contact us at europe.support@caseware.com.