Perform an engagement in OnPoint PCR
This feature is only available with OnPoint PCR.
OnPoint PCR is CaseWare’s solution for small and mid-sized US firms to perform Preparation, Compilation, and Review engagements while taking advantage of CaseWare Cloud’s collaborative tools and single sourcing. It features detailed guidance to direct you through each step of the engagement. When you begin your engagement, your responses to checklist procedures will determine the engagement’s scope, ensuring that team members and stakeholders are only shown content that is relevant to them.
Create your engagement
To begin, create a new OnPoint PCR engagement file. In CaseWare Cloud, you can create your engagement file in the client entity. You can also set key dates and budgets and assign staff members to the file.
To create a new OnPoint PCR engagement:
From the Cloud menu, select OnPoint PCR.
Select the New button.
In the OnPoint PCR dialog, choose your client Entity and enter a name for the engagement file. You can also set a Start Date and End Date for your engagement and enter budget information.
In the Preparer field, enter your name and select yourself from the drop-down list. You are now assigned as the preparer.
In the Reviewer field, enter another staff member’s name. Select their account to assign them as a reviewer.
At the bottom of the OnPoint PCR dialog, select Save.
You have created your new engagement, and you have assigned staff in the firm to prepare the engagement and to review it. When you select Save, the engagement file is automatically opened in your browser.
Set the workflow status, reporting period and year end date
When you first open the engagement, a pop-up appears in the top-left displaying the engagement’s Workflow status. The Workflow status lets clients and other stakeholders know how far along in the engagement process you are. If you intend to start working on the engagement right away, set the Workflow status to In Progress.
Select the desired Reporting period.
With the pop-up still open, set the engagement’s Year end date. Note that an incorrect year-end date will affect trial balance imports.
Select Save. You will now see the engagement’s Documents page.
View documents in OnPoint PCR
The Documents page acts as OnPoint PCR’s central hub. When you first open this page, very few documents are displayed. That’s because you haven’t defined the parameters of the engagement yet.
To populate the Documents page, you’ll need to complete the 1-110 Engagement Acceptance and Continuance document, which you can find in the Engagement Acceptance and Planning phase. You can also view a list the engagement’s current documents at any time by opening the Documents list. Select the folder icon () at the top left corner to display this list.
You can open a document by selecting it from the list. If you know you’ll need to open a particular document frequently, you can pin it to the top of the list for quicker access by selecting the pin icon () next to its name.
Your engagement’s documents are divided into five phases:
PCR Overview and Scope
Engagement Acceptance and Planning
Financial Statements and Wrap-up
In the Permanent File phase, you can add supporting documents. These documents will be carried forward when you create next year’s engagement for this client.
To see all documents available in OnPoint PCR, select More Actions () | Hidden Items.
Perform the engagement acceptance
Open the 1-110 Engagement Acceptance and Continuance document. This document contains a set of questions designed to determine the scope and nature of your engagement.
This is a checklist document. Every checklist contains a set of procedures that the engagement preparer can answer. Most of the engagement work in OnPoint PCR engagements is completed in checklists.
This document contains a Guidance section, which details the purpose and scope of the document as it relates to regulatory standards. Additionally, some individual procedures have their own guidance text, as indicated by a guidance icon ().
As you enter responses, further documents are added to the engagement. You can see these documents in the Documents list. In this list documents are grouped by phase, just as they are on the Documents page.
Once you have completed the procedures, you can sign off on the document as either a Preparer or Reviewer by selecting Sign Off in the top-right corner of the document and selecting the appropriate role.
Notify the document’s reviewer
To notify the team member acting as Reviewer that the engagement acceptance document is ready for them to look at, create an Issue and assign it to them.
To add an issue to a document:
With the document open, select the Issue icon ().
Enter a message for the staff member. You can also tag a member by entering (@) followed by the member name. If they have access to the document, their name appears in the Quick List dialog.
Select their name to tag them in the issue’s description.
Select To do, choose the issue type and select Create Issue.
The new issue can be seen from within the document, on the Issues page or on the Documents page.
Once all issues have been resolved and the Engagement Acceptance document is signed off, the completion level is updated and the document is marked as completed on the Documents page.
After completing this checklist, you’ll have an additional engagement acceptance checklist to complete, based on which engagement type you selected. For example, if you selected Preparation as the engagement type, you’ll need to complete the 1-115 Preparation Engagement Quality Acceptance and Conclusion checklist.
These checklists conclude with a procedure to confirm that your firm is capable of completing the engagement work and that no significant ethical concerns or operational limitations need to be addressed.
You can now view and edit the draft engagement letter.
Edit the engagement letter
The first two checklist documents that you complete outline the basic engagement information. The draft version of your engagement letter is automatically generated based on your responses in those checklists.
At the top of the letter, you will see a guidance section containing information about the letter’s contents and instructions for finalizing the draft. Guidance is displayed by default, but is omitted when you print the letter.
Add the firm letterhead
Red text indicates an area where you have to enter engagement-specific information. Review the letter and update any sections that contain placeholder text.
For example, the first text area contains firm information. The firm name and address are added automatically using your firm profile on Cloud. The red text in this section should be replaced by your firm letterhead.
To upload an image to a letter:
With the letter document open, select Edit ().
Select the text area where you want to place the image.
Select Image () from the text editing toolbar.
Select Choose File to browse your computer for an image file.
If required, select Advanced to set alternative text for the image and set custom dimensions. When you’re done, select OK to add the image to the letter.
You have added the firm’s letterhead to your engagement letter.
Edit the letter contents
OnPoint PCR comes preloaded with sample content, but you will most likely want to adjust the content to suit your needs. Select Edit () to customize the letter’s content directly.
You will find blue drop-down menus embedded in the letter. Like red text, these menus are placeholders for information that you need to add.
For example, in the first text area, you will see a pull-down menu that says Today’s Date. Select the appropriate date from the calendar pop-up to enter it into the letter.
Throughout the engagement letter, you will also see text highlighted in gray. This is dynamic text, meaning that the text changes based on specific checklist responses. For example, if you select balance sheet from the first sentence, a pop-up will display the different conditions and the display text associated with them.
When you’re satisfied with the contents of the engagement letter, perform the appropriate Sign-Off. Once the content is reviewed, you’re ready to send a copy to your client.
Send the engagement letter to the client for review and signing
Send the engagement letter to the client for review and signing
You need the client’s signature on the engagement letter in order to proceed with the engagement. You can send your draft directly to your client using OnPoint PCR with a query. Queries are procedures used to communicate directly with the client. There are three types of query documents:
Request for information - send questions to the client.
Document request - ask the client to upload one or more files.
Send deliverables - send documents to the client to sign and return.
If your client has a contact account in Cloud, they can sign in and respond to queries directly. Open the Documents page. In the Engagement Acceptance and Planning phase, open the query document ending with (Query to Client).
In the top-right corner, select SEND. The Open Query pop-up displays. Select a Query Due Date, specify the Assignees assigned to the engagement, and enter an appropriate email message.
Select OK to send the request to your contacts. They’ll receive an email with your message and a link to the engagement.
When they open the query document, they can select the draft document to download a PDF, sign it on their end, and upload the signed document.
With your engagement letter drafted, signed, and uploaded to the engagement you’re ready to proceed with your engagement work.
Request documents from your client
On the Documents page, in the Engagement Acceptance and Planning phase, you’ll see a PBC requests subsection. This subsection contains query documents. The exact name of the query document you need to start with will depend on your Optimizer responses; for example, if you specified that this is not your first engagement with the client, 2-930 PBC Document Requests - Engagements Subsequent to Initial Year will display.
This query document includes a list of file requests for files and information that could be relevant for a review engagement.
Since there may be documents not relevant for this client or engagement, you can edit the query to make it more manageable. At the top of the document, select the Edit () icon to enable editing.
Import the client’s trial balance
OnPoint PCR lets you import trial balance and transaction data from a wide variety of sources:
CaseWare Working Papers engagement files
CSV (Excel) files
Over 75 desktop accounting software packages
Online accounting services
The process for importing trial balance data differs depending on what software you’re importing data from. For some imports, you may need to assign accounts from the source data to the OnPoint PCR configuration manually. For instructions, see Import a client's financial data to an engagement file.
After you’ve imported the trial balance, you may have to post adjustments or make other changes. For more on working with your imported trial balance, see Post adjustments to the trial balance and Add an account or group to the trial balance.
If you’re performing a Review, you’ll need to present and substantiate your analysis of the trial balance and any other applicable data sources in the Fieldwork phase. As with the other phases, the documents that will need to be completed will differ depending on your Optimiser responses. Start with the 2-100 Review - Overall Analysis document to set the parameters of your review, then complete the remaining documents in the phase.
Complete the engagement
The documents you’ll need to complete your engagement work are found in the Financial Statements and Wrap-up phase of the Documents page. Each engagement type has its own Wrap-up checklist, confirming that your firm has performed its due diligence in accordance with the needs of the reporting framework. These checklists will need to be completed and signed off on.
If you’re performing a Review or Compilation, you’ll also need to complete the Disclosure Checklist Optimizer document. As with the previous Optimizers, your responses will determine which disclosure checklists will appear in the Documents page. Complete and sign off on this document, then complete the newly added checklists.
This phase also contains the Financial statements. Review the statements for accuracy and design. You can edit the statement contents, including the ability to override existing values, add groups and rows, add or remove notes and more. For more on working with financial statements, see Prepare financial statements .
Print the financial statements
When the statements are ready, you can print them to PDF and a hard copy. First, you’ll need to adjust the print settings to suit your engagement requirements.
To modify the print settings:
Open the document, then select More Actions () | Print Settings. The Print Settings dialog displays.
In this dialog, you can change the following settings:
Header and Footer - enter content for headers and footers when you print your document.
Page Settings - select a page size and toggle page orientation between portrait (default) and landscape.
Margins - set the margins for your document.
Table of Contents Settings - select whether the pages should be counted when generating the table of contents.
Note: This setting only applies when changing print settings for a Page Break or Grouping section.
Select Save to configure the print job.
With the Statements open, select Print to generate a PDF copy of the Financial Statements. This automatically opens a new tab in your browser window, displaying the PDF version of the statements. You can choose to save the file locally as a PDF, or you can select the Change button and find a local printer to print a physical copy.
Review and submit the representation letter
The last step in your engagement is to draft and submit your representation letter along with your findings. This letter attests that you and your team have satisfied the terms of the engagement and worked within regulatory constraints. As with the other letter documents, your previous checklist responses will help shape the draft content. Edit the document as needed and assign it for review.
Once the letter has been downloaded and signed, your client contact can upload it from the Documents page by selecting 3-160c Representation Letter (Signed) and locating the file on their hard drive or from CaseWare Cloud.
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