What's new in Audit International v2022.2.0 (2.620)
This version of Audit International Cloud introduces a new approach to assist auditors in documenting the audit work required for accounting estimates through the combination of several documents to view all content “in context”, as well as a new Risk Library that allows you to select the applicable risks from the library and add them to the engagement. As a result of these changes, the following updates are now available in Audit International Cloud.
Here is what’s new in Audit International v2022.2.0 (2.620).
Content updates
Accounting estimates
The following changes were implemented:
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X.101E Accounting estimate - Risk assessment procedures and risk response documents have been added to all Financial Statement Areas in the Plans and Procedures folder. The objective of these practice aids is to offer an overview of each estimate that summarises key information on the estimate and audit work completed.
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A new procedure was added to all X.101 Audit plans and procedures work programs that allows you to document the accounting estimates using the new X.101E Accounting estimate - Risk assessment procedures and risk documents.
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The visibility settings for the existing accounting estimates procedures have been updated in all X.101 Audit plans and procedures work programs.
List of updated documents
| Document number | Document name | Changes |
| A110 | Financial groupings assignment tool | New document |
| A205L | Terms of Engagement | Minor changes |
| A225 | Letter to a successor accounting firm - Signed | New placeholder |
| A300 | Overall audit strategy | Minor procedure changes |
| A340L | Audit Planning Letter | Minor changes |
| B200 | Understanding the entity and its environment | Major procedure changes |
| B205 | Understanding the entity and its environment - Industry, regulatory, and other external factors | Minor procedure changes |
| B210 | Understanding the entity and its environment - Nature of the entity | Minor procedure changes |
| B215 | Understanding the entity and its environment - Selection and application of accounting policies and financial reporting matters | Minor procedure changes |
| B220 | Understanding the entity and its environment - Measurement and review of the entity's financial performance | Minor procedure changes |
| B250 | Worksheet - Understanding accounting estimates (Core) | Visibility changes |
| B260 | Worksheet - Outcome of prior period accounting estimates | Visibility changes |
| B265 | Worksheet - Outcome of prior period accounting estimates | New document |
| B300 | Understanding of the entity's controls | Minor procedure changes |
| B600 | Specific areas | Minor procedure changes |
| C130 | Litigation, claims and non-compliance (Core) | Major procedure changes |
| C130E (New form) | Litigation, claims and non-compliance - Accounting estimate - Risk assessment procedures and risk response | New document |
| C155 | Responding to risk at the financial statement level | Minor procedure changes |
| 1,101 | Property, plant and equipment | Major procedure changes |
| 1.101E (New form) | Property, plant and equipment - Accounting estimate - Risk assessment procedures and risk response | New document |
| 5,101 | Investment property | Major procedure changes |
| 5.101E (New form) | Investment property - Accounting estimate - Risk assessment procedures and risk response | New document |
| 10,101 | Intangibles and goodwill | Major procedure changes |
| 10.101E (New form) | Intangibles and goodwill - Accounting estimate - Risk assessment procedures and risk response | New document |
| 20,101 | Long-term Investments | Major procedure changes |
| 20.101E (New form) | Long-term Investments - Accounting estimate - Risk assessment procedures and risk response | New document |
| 35,101 | Loans and advances receivable | Major procedure changes |
| 35.101E (New form) | Loans and advances receivable - Accounting estimate - Risk assessment procedures and risk response | New document |
| 40,101 | Agricultural Assets - Audit procedures | Major procedure changes |
| 40.101E (New form) | Agricultural Assets - Accounting estimate - Risk assessment procedures and risk response | New document |
| 110,101 | Inventory | Major procedure changes |
| 110.101E (New form) | Inventory - Accounting estimate - Risk assessment procedures and risk response | New document |
| 120,101 | Investments | Major procedure changes |
| 120.101E (New form) | Investments - Accounting estimate - Risk assessment procedures and risk response | New document |
| 130,101 | Accounts receivable, trade and other | Major procedure changes |
| 130,110 | Accounts receivable confirmation - Supplementary procedures | Minor procedures changes |
| 130.101E (New form) | Accounts receivable, trade and other - Accounting estimate - Risk assessment procedures and risk response | New document |
| 135,101 | Prepaid expenses and other assets | Major procedure changes |
| 135.110E (New form) | Prepaid expenses and other assets - Accounting estimate - Risk assessment procedures and risk response | New document |
| 140,101 | Cash | Major procedure changes |
| 140.101E (New form) | Cash - Accounting estimate - Risk assessment procedures and risk response | New document |
| 200,101 | Equity (Corporate) | Major procedure changes |
| 200,102 | Equity (Partnership) | Major procedure changes |
| 200.101E (New form) | Equity - Accounting estimate - Risk assessment procedures and risk response | New document |
| 300,101 | Long-term debt | Major procedure changes |
| 300.101E (New form) | Long-term debt - Accounting estimate - Risk assessment procedures and risk response | New document |
| 325,101 | Income taxes | Major procedure changes |
| 325.101E (New form) | Income taxes - Accounting estimate - Risk assessment procedures and risk response | New document |
| 330,101 | Loans and advances payable | Major procedure changes |
| 330.101E (New form) | Loans and advances payable - Accounting estimate - Risk assessment procedures and risk response | New document |
| 335,101 | Government Grants - Audit procedures | Major procedure changes |
| 335.101E (New form) | Government Grants - Accounting estimate - Risk assessment procedures and risk response | New document |
| 340,101 | Leases for Lessees - Audit Procedures | Major procedure changes |
| 340.101E (New form) | Leases for Lessees - Accounting estimate - Risk assessment procedures and risk response | New document |
| 400,101 | Notes payable and bank debt | Major procedure changes |
| 400.101E (New form) | Notes payable and bank debt - Accounting estimate - Risk assessment procedures and risk response | New document |
| 425,101 | Accounts payable and accrued liabilities | Major procedure changes |
| 425,110 | Accounts payable confirmation - Supplementary procedures | Minor procedures change |
| 425.101E (New form) | Accounts payable and accrued liabilities - Accounting estimate - Risk assessment procedures and risk response | New document |
| 430,101 | Bank indebtedness | Major procedure changes |
| 430.101E (New form) | Bank indebtedness - Accounting estimate - Risk assessment procedures and risk response | New document |
| 1500,101 | Revenues | Major procedure changes |
| 1500.101E (New form) | Revenues - Accounting estimate - Risk assessment procedures and risk response | New document |
| 1600,101 | Cost of sales | Major procedure changes |
| 1600.101E (New form) | Cost of sales - Accounting estimate - Risk assessment procedures and risk response | New document |
| 1600,105 | Payroll and other expenses | Major procedure changes |
| 1600.105E(New form) | Payroll and other expenses - Accounting estimate - Risk assessment procedures and risk response | New document |
| 1700,101 | Other income | Major procedure changes |
| 1700.101E (New form) | Other income - Accounting estimate - Risk assessment procedures and risk response | New document |
| 1800,101 | Other expenses | Major procedure changes |
| 1800.101E (New form) | Other expenses - Accounting estimate - Risk assessment procedures and risk response | New document |
| D400 | Statement of Financial Position and Statement of Profit or Loss | Major change |
| D525L | Audit findings - Sample letter | Minor changes |
| D545L | Written representations (management representation letter) | Minor changes |
| D625 | Checklist - Audit completion (Core) | Minor content change |
Risk library
Risk libraries are predefined lists of risks available in the product. You can select the applicable and relevant risks from the library and add them to engagements.
Planning balances
Planning balances is a new tool that allows you to record and track interim balances before the year-end. As a result, you can plan the audit ahead of time and adapt to changes as they occur, as well as fulfilling the requirement to document their work.
Financial groupings assignment tool
The A110 Financial groupings assignment tool is a new tool added to the product to help you assign accounts to the financial groupings and reuse the mapping in other Audit International engagements. What’s more, you can save the assignment selections as a configuration file and use it in other engagements to improve efficiency and consistency while assigning accounts across all engagements.
