What's new in Audit International v2024.1.0 (2.698)

This version of Audit International (Cloud) includes the changes and new requirements from ISA 600 (Revised), Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors), which are intended to strengthen the auditor’s responsibilities related to group audits. Additionally, the documents listed in this summary have been enhanced to provide more user-friendly content to streamline the audit workflow, as a result of feedback provided by users and practice reviewers/regulators.

Here’s what’s new in Audit International v2024.1.0 (2.698).

Content updates

Changes related to ISA 600

To ensure compliance with the new ISA 600 changes, we've implemented the following:

  • Changes to the workflow when assessing group audit considerations: the decision around group audit has been moved to the A200 - Preliminary engagement activities document to ensure that the auditor performs this evaluation at the beginning of the audit work. Additional considerations for group audit will still be documented in A300 - Overall audit strategy.

  • Certain documents have been removed from the Audit International product (see below for the full list of documents). These have been replaced with new documents/procedures in existing documents.

New documents

To assist auditors with the new ISA 600 standard (and also in other areas), we've added the following documents:

  • A360 - Worksheet - Selecting a component auditor

  • A510 - Group audit - Component materiality

  • B335 - Understanding the financial reporting process

  • B510 - Group audit program - Engagement scoping components

  • C160 - Financial reporting - Audit procedures

  • C165 - Worksheet - Evaluating the work of a component auditor

  • C205 - Letter to a component auditor

  • C210 - Instructions for a component auditor

Analytics

To assist auditors and better integrate the analytics tests into the audit work, we've made some changes to the Analytics functionality of the product.

The following documents have been removed from the product:

  • B010 - Influencers

  • B040 - Analytics Insight

These documents have been replaced with a new technology stack that is embedded in our documentation. Users will now have access to the analytics tests directly from the C145 - Use of journal entries document.

Note: This functionality is being further developed. For any additional information, contact us at europe.support@caseware.com.

Settings form for Substantive sampling documents

We've added a settings form for the Substantive sampling documents to the System Documents folder, which will be available in the template. This form allows you to customize the confidence levels you'll use or any additional reliance factors at the firm level.

List of updated documents

Document Number (Cloud)

Document Name

Changes

A200

Preliminary engagement activities

Document guidance.

Major procedure changes.

New procedures.

A205L

Terms of engagement - Engagement letter - Draft

Major changes.

A305

Worksheet - Selecting an auditor’s expert

Minor procedures changes.

A310L

Hiring an external audit expert

Removed.

A300

Overall audit strategy

Document guidance.

Major procedure changes.

New procedures.

A340L

Audit planning letter (Those charged with governance)

Major changes.

A360

Worksheet - Selecting a component auditor

New document.

A400

Team planning discussions

New procedures.

A405

Preparing the risk assessment procedures

Major procedure changes.

New procedures.

A500

Materiality

Major changes.

A505

Materiality of qualitative disclosures

Removed - incorporated into A500.

A510

Group audit - Component materiality

New document.

B010

Influencers

Removed.

B040

Analytics Insight

Removed.

B200

Understanding the entity and its environment

Document guidance updated.

Minor procedure changes.

B200Q

Understanding the entity and its environment - Query

Document guidance.

B300

Underst. of the comp. of the entity's system of internal control

Minor procedures changes.

B305

Understanding the IT environment

Document guidance.

Major procedure changes.

New procedures.

B310

Understanding the IT environment - Listing

Document guidance.

Major procedure changes.

B315

Identifying risks through understanding

Minor guidance changes.

B320

General IT Controls

Document guidance.

Major procedure changes.

New procedures.

B335

Understanding the financial reporting process

New document.

B510

Group audit program - Engagement scoping components

New document.

C135

Subsequent events

Major procedure changes.

New procedures.

C145

Use of journal entries

Major procedure changes.

C160

Financial reporting - Audit procedures

New document.

C155

Worksheet - Evaluating the work of a component auditor

New document.

C205

Group audit - Acceptance and planning

Removed.

C210

Group Audit - Evaluation and conclusion

Removed.

C215

Group Audit - Evaluation and conclusion

Removed.

C220

Worksheet - EQR checklist - Group audits invo. comp. auditors

Removed.

C225

Worksheet - Group audit - Group audit planning memorandum

Removed.

C230

Worksheet - Group audit - Group component summary

Removed.

C235

Worksheet - Group audit - Component auditors summary

Removed.

C245

Worksheet - Consolidation - Instructions for consolidation procedures and group financial reporting

Removed.

C250

Worksheet - Consolidation procedures

Removed.

C255

Worksheet - Goodwill impairment

Removed.

C305

Worksheet - Group audit instructions

Removed.

C310

Worksheet - Group audit questionnaire

Removed.

C315

Worksheet - Group audit questionnaire - Subsequent events

Removed.

C320

Worksheet - Component auditors - Firm summary profile

Removed.

C325

Worksheet - Component auditors - Firm infrastructure evaluation

Removed.

C330

Worksheet - Component auditors - Firm methodology evaluation

Removed.

C335

Worksheet - Component auditors - Firm independence confirmation

Removed.

C205

Letter to a component auditor

New document.

C210

Instructions for a component auditor

New document.

D505

Worksheet - Matters to be communicated to management and TCWG

Document guidance updated.

Major procedure change.

New procedures.

D510

Communications to be made by the auditor with TCWG and management

Document guidance updated.

Major procedure change.

New procedures.

D515L

Management letter - Draft

Minor changes.

D520L

Report for those charged with governance

Document guidance.

D525L

Audit findings - Sample letter

Document guidance.

Minor changes.

D610

Reporting checklist

Major procedure changes.

D615

Documentation checklist

Major procedure changes.

D625

Checklist - Audit completion (Core)

Document guidance

Major procedure changes.

Conclusion updated.

Bulk actions

The Documents page now includes the option to modify multiple documents at once. When you enable the Bulk actions option from the More actions () menu on the Documents page, you can select multiple documents and then move, delete or sign off all the documents at once.

Cloud Connector

Caseware Cloud Connector is a Microsoft Office add-in that creates a real-time data linkage between your engagement and Excel. With that linkage in place, you can access and retrieve trial balance data and engagement and firm properties, then insert the information into an Excel file. If a linked value or information changes in the engagement, it's automatically updated in the Excel file.

Caseware Cloud Connector will be available in your region soon. For any additional information, contact us at europe.support@caseware.com.