What’s new in Caseware Audit Fall 2024 (v2.1745.0)
Here's a list of what's new in the Caseware Audit Fall 2024 release.
Content updates
Group audit (CAS 600)
Caseware Audit now supports CAS 600, Special Considerations — Audits of Group Financial Statements (including the Work of Component Auditors).
The following documents have been either added or updated:
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300.600 Group audit program - Concluding and reporting
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335.600 Group audit program - Component performance materiality revisions
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400.600 Group audit program - Planning
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410 New or existing engagement - Acceptance/continuance
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415.600 Group audit program - Using component auditors
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420.600 Group audit - Component materiality
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510 Identifying risk through understanding the entity
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511 Understanding the IT environment
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535 Understanding the information system and communication
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590.600 Group audit program - Engagement scoping components
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600.600 Group audit program - Evaluating component auditors and their work
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650 Subsequent events
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AL2.1.600 Group audit program — Letter to a component auditor
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AL2.2.600 Group audit program - Instructions for a component auditor and form of acknowledgement
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AL3.1.1 Audit planning letter
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360 Audit findings letter
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350 Management representations letter
PEG 2024
Caseware Audit has been updated to include the 2024 CPA Canada PEG content updates.
The following documents have been updated:
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L Prepaid expenses and other assets
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N Long-term investments
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BB Notes payable and bank debt
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FF Income taxes
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FRF906 ASPE - General financial statement presentation
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360 Audit findings letter
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680 ASPE - Supplementary audit procedures
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AL2.2.600 Group audit program - Instructions for a component auditor and form of acknowledgement
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AL3.1.1 Audit planning letter
New features and enhancements
New user interface for trial balance imports from Excel or CSV
We’ve revamped the user interface for importing trial balance data from Excel or CSV files to support engagement files with a much greater number of accounts, as well as to bring us closer to providing a more tightly integrated, polished data acquisition user experience.
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Import Excel files containing formulas. This means you will no longer have to manually remove formulas used to calculate values before you import your data.
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Trial balance deletion
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Enhancements to trial balance reimport
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Dimensions for general ledger datasets
For more information, see Import the trial balance from a CSV or Excel file.
Embedded analytics
Journal entry testing
Applicable analytic tests have been embedded next to procedures in 670 Use of journal entries.
Analytics Hub
Access and manage analytic tests in one central location:
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Comprehensive overview: View all available analytic tests.
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Efficient filtering: Filter analytic tests based on your specific needs.
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Customization: Adjust analytic test configurations to match your requirements.
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Seamless navigation: Easily navigate to linked checklist procedures.
In addition to the ability to view results for an individual test, this release also features the introduction of the Aggregated Results page. This page allows you to view all transactions identified as part of any analytics test in one location. You can also filter and export results to a CSV file.
This new feature gives you a holistic view of test results and makes it easier to derive insights from your data.
Partner and manager summary document
We’ve added a new document to Audit. It’s designed to streamline review work by providing a more efficient way to review key information and monitor progress across your engagement.
The 315 Partner and manager summary includes an overview of the following:
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Financial information
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Overall engagement information
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Engagement team
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Documents with non optimal answers
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Documents with custom conclusions
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Documents with custom sign-off schemes
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Issues raised and the corresponding status
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Posted adjustments
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Documents with overridden visibility
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Documents modified after sign-off
Removal of parent-level assignment for financial groups
In order to provide a more consistent experience, we've removed the option to assign accounts to some parent-level groups. You can now only assign accounts to subgroups in the financial grouping structure.
Calculated adjustments
You can now create calculated adjustments. When you add an account or group line to an adjustment, they can select fx in the Amount field and create a calculation to determine the adjustment amount.
Similarly to custom calculations in dynamic tables, you can reference trial balance data in the calculation. If the value of the referenced trial balance account or group is changed, a Recalculate button appears for the adjustment on the Adjustments page. Users can select this button to recalculate and update the adjustment amount.
If more than one adjustment requires recalculation, users can also select the Recalculate all button at the top of the page to recalculate all adjustments at once.
Search for financial groups on the Data page
To allow you to more easily find financial groups, a search option is now available on the Financial groups tabs on the Data page.