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SmartEngagement
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CaseWare Working Papers
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CaseWare Cloud Analytics
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CaseWare Analytics.AI
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PCR
OnPoint PCR (Preparation Compilation Review)
RCT
CaseWare  ReviewCompTax
SE
SmartEngagement
Working Papers
CaseWare Working Papers
Analytics
CaseWare Cloud Analytics
Analytics.AI
CaseWare Analytics.AI
Time
CaseWare Cloud Time
PCR
OnPoint PCR (Preparation Compilation Review)
RCT
CaseWare  ReviewCompTax

Define materiality

This feature is only available with products on the CaseWareCloud SE platform. Available SE products include OnPoint PCR and CaseWare ReviewCompTax.

To help determine and track materiality, you may have some built-in documents and features available to you from the engagement file. These documents are like forms where you can define thresholds for overall materiality, performance and trivial misstatements to keep track of benchmarks.

Complete the materiality form

Some engagement files have a Materiality document where you can record the determination of materiality for your engagement. You will most likely complete this form before doing any other testing or work for your client.

To complete the materiality form:

  1. From the top menu, select Documents.

  2. Select the Materiality document.

  3. In the Principal Users of the Financial Statements section, enter the principal users and any factors to consider. You can select + Add row to add more principal users to the document.

  4. In the Overall materiality section, enter one or more factors to determine materiality. You can add two basis types:

    1. Financial materiality basis - select a group from the trial balance and enter a benchmark percentage.

    2. Other basis - enter a custom basis description and amount, and enter a benchmark percentage.

  5. In the Performance Materiality section, enter a benchmark percentage to be applied to overall planning materiality.

  6. In the Trivial misstatement section, enter a maximum amount for trivial misstatements.

  7. In the Materiality for circumstances section, enter one or more materiality factors for circumstances.

  8. In the Performance materiality for specific circumstances section, enter one or more materiality factors for specific circumstances.

  9. At the top of the Materiality document, select the Sign Off button and then sign off the Prepare role.

You have completed the materiality form. During the course of your engagement, you can review material groups and accounts in the trial balance.

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