Perform fieldwork in a CaseWare RCT engagement

This feature is only available with CaseWare ReviewCompTax.

Learn more about CaseWare ReviewCompTax

You need to present and substantiate your analysis of the trial balance and any other applicable data sources in the Fieldwork phase. The documents that you need to complete in this phase and the way you want to present the financial statements depend on the responses you provide in the Fieldwork Optimiser.

This phase also consists of checklist documents (worksheets) that are designed to streamline specific areas of your engagement. For example, the 3-94 Worksheet - Sales tax reasonability helps you determine if the engagement data contains sufficient information to assess the reasonableness of GST/HST amounts receivable or payable.

Some of a Review engagement fieldwork tasks include:

Note: Make sure all the documents in this phase are signed off by the designated preparer and reviewer.

  1. Complete the Fieldwork Optimiser
  2. Perform data analysis
  3. Review work programs
  4. Complete the applicable worksheets
  5. Evaluate the obtained evidence

Complete the Fieldwork Optimiser

To complete the engagement fieldwork tasks, you need to respond to the inquiries in the Fieldwork Optimiser document. For example, specify the optional documents that you want to use or whether or not you want to use the tax payable method.

Based on your responses, additional worksheets or letters may become available at the Documents page.

Perform data analysis

Your next step after responding to the Fieldwork Optimiser inquires is to proceed to 3-01 Analytical overview document to perform data analysis. This is where you look for trends, compare and calculate ratios, investigate discrepancies and confirm expectations.

In the 3-01 Analytical overview document:

  • you can hide or display specific charts by selecting the toggles () at the top of the page.

  • you can use the drop-downs at the top to switch the display between Preliminary balances and Final balances.

  • each chart has a section where you can enter comments or notes.

  • you can hover the graphs to view a tooltip that shows the data a specific bar or line represents. Note that the corresponding data in the table is highlighted as well.

3-01 Analytical overview

If you hover the data labels in the table, a tooltip displays showing the definition of each label and the formula used to calculate it.

3-01 Analytical reivew: Data presentation in table

In the overall bar chart, you can select a specific financial statement area to open the corresponding bar chart as an alternative to enabling it using the toggles at the top of the page. In the following figure, we selected Total expense to display a separate bar chart for it below.

3-01 Analytical review: Overall chart.

In a financial area bar chart, you can remove one or more data set from the chart and compare results. Select Edit (), then select Delete () to remove one or more data set. You can revert to the original chart by selecting the Edit () then Revert ().

Edit mode in charts.

Analysis sheets for the relevant financial areas in your engagement are also available for review.

Based on your responses in the Fieldwork Optimiser, these analysis sheets can be found in the Analysis section in the Documents page or grouped by the corresponding financial area. For example, you can find the 3-03 Liabilities and Equity analysis sheet in the Analysis section or in the Liabilities and equity section in the Documents page.

The default view in analysis sheets is to show data for accounts and groups. You can modify the setting to show groups only or accounts only.

Table settings in analysis.

Review work programs

You need to complete the work programs you have designated as material when you scoped your engagement. Each work program relates to a specific financial statement area and consist of five sections:

  1. Part A - Obtain an understanding.
  2. Part B - Additional procedures.
  3. Part C - Completion and Reporting.
  4. Financial Reporting Framework (If you’ve selected ASPE framework in the Planning Optimiser).
  5. Conclusion.

Note: In the FINANCIAL REPORTING FRAMEWORK section, CaseWare RCT provides a list of possible significant accounting policies and note disclosures. You can select the relevant items you want to include in the financial statements.

Each work program has an analysis tab that provides a visual representation of data for the financial statement area, as well the relevant ratios.

3-A Cash and cash equivalents worksheet

Complete the applicable worksheets

CPA Canada has defined a number of optional worksheets in engagements. In the Fieldwork Optimiser, you can specify which worksheets you want to complete as part of the fieldwork tasks. At Optional documents, select Yes next to the worksheets you want to include.

The Optional documents section in the 3-00 Fieldwork Optimiser document.

Once you select Yes next to a worksheet, it becomes available in the Documents page. Complete the available worksheets and ensure that they’re signed off by the designated preparer and reviewer.

Evaluate the obtained evidence

In this step, you evaluate the relevance and reliability of the information to be used as evidence. For example, identify whether the evidence obtained from one source is inconsistent with that obtained from another.

To evaluate the obtained evidence in a Review engagement, complete the following worksheets:

  • 4-10-1 Worksheet - Accumulation of identified misstatement - identification
  • 4-10-2 Worksheet - Accumulation of identified misstatements document - procedures

You can also document your notes on significant matters by completing the 4-20 Notes on significant decisions worksheet. For example, list the identified significant matters or document any changes or additions to procedures to resolve the matter and the conclusions reached.