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Perform an engagement in CaseWare ReviewCompTax

This feature is only available with CaseWare ReviewCompTax.

Learn more about CaseWare ReviewCompTax.

CaseWare ReviewCompTax is CaseWare’s solution for small and mid-sized Canadian firms to perform Review, Compilation and Tax engagements while taking advantage of CaseWare Cloud’s collaborative tools and single sourcing. It features detailed guidance to direct you and your client contacts through each phase of the engagement. When you begin your engagement, your responses to checklist procedures, as well as the data you import, tailor the engagement. This ensures that team members and stakeholders are only shown content that is relevant to them.

As you proceed through the engagement, you can assign tasks and document requests to client contacts and staff members, all without leaving the RCT interface.

If you’re only using CaseWare ReviewCompTax to complete a corporate tax return, see Perform a Canadian tax engagement.

Create your engagement

To get started, create a new CaseWare ReviewCompTax engagement file. When you create your new engagement, you can also set key dates and budgets and assign staff members to the file to prepare and review the engagement work.

To create a new CaseWare ReviewCompTax engagement:

From the Cloud menu, select CaseWare ReviewCompTax.

  1. Select the New button.
  2. In the CaseWare ReviewCompTax dialog, choose your client Entity, enter a name for the engagement file and specify the year of the engagement. You can also select a Start Date and End Date for your engagement and enter budget information. You can also carry forward data from an existing engagement. See Carry forward an engagement for information.
  3. In the Preparer field, enter your name and select yourself from the drop-down list. You are now assigned as the preparer.
  4. In the Reviewer field, enter another staff member’s name. Select them from the list to assign them as a reviewer.
  5. 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 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.

With the pop-up still open, set the engagement’s Year end date. An incorrect year-end date will affect trial balance imports.

Select Save. You will now see the engagement’s Documents page.

Manage your engagement documents

The Documents page acts as CaseWare ReviewCompTax’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 0-10 Optimiser checklist document. 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 four phases:

  • Planning

  • Performing

  • Conclusion

  • Tax

Each phase has its own progress indicator. These indicators reflect how many of the documents in the phase have been signed off on by a reviewer. For example, if two of eight planning documents have been reviewed, the indicator displays the phase as 25% complete.

To see all documents available in CaseWare ReviewCompTax, select More Actions () | Hidden Items.

Perform the engagement acceptance

Open the 0-10 Optimiser document. The Optimiser contains a set of questions designed to determine the scope and nature of your engagement.

The Optimiser is a checklist document. Every checklist contains a set of procedures that the engagement preparer can answer. Most of the engagement work in CaseWare ReviewCompTax engagements is completed in checklists.

This document contains a Notes section, which details the purpose and scope of the document as it relates to regulatory standards.

As you enter responses, further documents are added to the engagement. You can see these documents in the Documents list. The 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 the 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:

  1. With the document open, select the Issue icon ().

  2. 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.

  3. Select their name to tag them in the issue’s description.

  4. Select To do, choose the issue type and select Create Issue.

You can see the new issue from within the document, on the Issues page and or on the Documents page.

Once a document is signed off, the progress indicator updates and the document is marked as completed on the Documents page.

After completing this checklist, you’ll have a set of further acceptance/continuance documents to complete. The specific documents that make up this phase, as with the rest of the engagement, depend on your Optimiser responses. For example, let’s say that you specified that:

  • Engagement type is Review and Corporation Tax

  • The legal structure of the entity is a corporation

  • This is not their first year of operations

  • You did perform their engagement last year

Given these responses, the following documents will make up the client acceptance/continuance phase:

  • 1-20 Existing engagement - Continuance, a checklist confirming your firm’s readiness and suitability to perform the engagement work.

  • 1-50 Review engagement letter - a letter document to be completed and given to your client to sign

  • 1-55 Client queries - engagement letter, where your client will upload their signed copy of the engagement letter.

Edit the engagement letter

The draft version of your engagement letter is automatically generated based on your responses in the Optimiser checklist, as well as your firm’s Cloud profile.

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. You can hide the guidance by selecting More Actions () | Off or Collapsed.

CaseWare ReviewCompTax comes preloaded with sample content, but but you can modify the content to suit your needs. Select Edit () to edit the letter content as desired (See Edit the engagement letter for more details).

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 signature

You need the client’s signature on the engagement letter to proceed with the engagement. You can send your draft directly to your client using CaseWare ReviewCompTax 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. From the Documents page, open 1-55 Client queries - engagement letter.

In the top-right corner of the document, select SEND. The Open Query pop-up will open. Select a Query Due Date, specify the contacts assigned to the engagement (or simply assign it to all contacts associated with the entity), and enter an appropriate email message.

Select OK to send the request. The contact will receive an email with your message and a link to the engagement.

They can select the draft document to download a PDF, sign it on their end, and upload the signed copy.

With your engagement letter drafted, signed and uploaded to the engagement, you’re ready to proceed with your engagement work.

Complete the Planning phase

To access the planning phase for review engagements, you must complete and accept one of the following documents:

  • 1-10 New engagement - Acceptance
  • 1-20 Existing engagement - Continuance

The final section of the Planning phase of the engagement, Plan the engagement, contains the documents where you request detailed information about the client firm’s business and, if necessary, perform the engagement scoping. Assign any query documents to the appropriate client contact and perform sign-off and review, as with the engagement letter query.

This section also contains the Materiality and Scoping documents, both required elements of the standard Review workflow.

Define the engagement scope

If you're working on a Review engagement, you need to define the scope of your engagement using the 2-20-2 Engagement scope - Financial statement areas document.

Note: To be able to define the engagement scope, the materiality thresholds must be set in the 2-10 Materiality document. To learn more, see Define materiality .

To define the scope of a Review engagement:

  1. Open the 2-20-2 Engagement scope - Financial statement areas document.

    The material balances for each financial statement area display in the document marked with a green () symbol.

  2. Select Yes next to the areas that you need to complete your engagement work.

For example, if you include Cash and Investments, the procedural documents 3-A Cash and Cash Equivalents and 3-B Investments are automatically added in the Documents page under Fieldwork.

Complete the Fieldwork phase

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 Performing phase. As with the other phases, the documents that will need to be completed will differ depending on your Optimiser responses. This phase contains checklist documents and, if you enabled them, Worksheets designed to streamline specific areas of your engagement. For example, the 3-94 Worksheet - Sales tax reasonability helps you to determine if the engagement data contains sufficient information to assess the reasonableness of GST/HST amounts receivable or payable.

Ensure that all appropriate documents in the Performing phase are prepared and reviewed by staff members.

Import the client’s trial balance

If you’re compiling financial statements as part of your engagement, you’ll need to import your client’s data using either an exported CSV file or another accounting service. After you import the data, you can customize the financial statements to suit the scope of the engagement.

CaseWare ReviewCompTax 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 CaseWare ReviewCompTax configuration manually. To learn more, 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 Posting adjustments to the trial balance and Adding an account or group to the trial balance.

Complete the engagement

The documents you’ll need to complete your review or compilation engagement work are found in the Conclusion phase. Each engagement type has its own completion checklist document intended to verify that the firm has satisfied the terms of the engagement. For Review engagements, this is the 5-10 Completion checklist; for Compilation engagements, this is the 310 Compilation engagement - Planning and completion checklist. Depending on the engagement type and your Optimiser responses, this phase may also contain Worksheets and letter documents to complete.

This phase also contains the Financial statements, if you indicated that they will need to be compiled as part of your engagement work. Review the statements for accuracy and design. You can edit the statement contents, override existing values, add groups and rows, add or remove notes and more. See Conclude the engagement for more details.

Final steps

If you’ve prepared financial statements, you’ll need to complete the 6-10 Report transmittal checklist to specify the parties that will receive a copy of your findings, as well as any specialized instructions.

The document also contains signature fields for multiple parties from your firm that will need to be filled in order to confirm that each major area of the engagement has been completed to your staff’s satisfaction.

Once this document is completed and signed off, you may want to download a Reference Copy of the engagement to send to the client or for your own records. This consists of a .zip file containing PDF copies of all the engagement’s documents. To do this, select Information () | Download reference copy.

Once all work on the engagement has been completed, you can lock the file to prevent any further changes. To lock down the file, select Lockdown from the engagement menu.

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