What's new - Caseware ReviewComp Fall 2024 (v1.2935.0)

Here's a list of what's new in the Caseware ReviewComp Fall 2024 release.

Content updates

PEG 2024

Caseware ReviewComp has been updated to include the 2024 CPA Canada PEG content updates.

The following documents have been updated:

• 3-B Investments

• 3-L Prepaid expenses and other assets

• 3-W Intangible assets and goodwill

• 3-U Property, plant and equipment

• 3-BB Notes payable and bank debt

• 3-FF Income taxes

• 3-UU-2 Equity (share capital)

• 3-97 Worksheet - ASPE supplementary

• FRF-906 ASPE - General financial statement presentation

• Letter to a predecessor accounting firm

New features and enhancements

New user interface for trial balance imports from Excel or CSV

We've revamped the user interface for importing trial balance data from Excel or CSV files to support engagement files with a much greater number of accounts, as well as to bring us closer to providing a more tightly integrated, polished data acquisition user experience.

• Import Excel files containing formulas. This means you will no longer have to manually remove formulas used to calculate values before you import your data.

• Trial balance deletion

• Enhancements to trial balance reimport

• Dimensions for general ledger datasets

For more information, see Import the trial balance from a CSV or Excel file.

Partner and manager summary document

We've added a new document to Review engagements. It's designed to streamline review work by providing a more efficient way to review key information and monitor progress across your engagement.

The 5-30 Partner and manager summary includes an overview of the following:

• Financial information

• Overall engagement information

• Engagement team

• Documents with non optimal answers

• Documents with custom conclusions

• Documents with custom sign-off schemes

• Issues raised and the corresponding status

• Posted adjustments

• Documents with overridden visibility

• Documents modified after sign-off

Sync trial balance across engagements

During data import, a new option called Sync Trial Balance lets you automatically link data from another engagement. Any changes you make to the source data will be reflected in the synced engagement, keeping everything up-to-date.

When engagement data is synced from another engagement:

• A link to the source engagement is displayed on the Data page.

• You cannot edit accounts, groups or adjustments synced from the source engagement.

• You cannot assign accounts that have been synced from the source engagement.

• You can create issues and annotations for synced accounts and groups but cannot create annotations for synced adjustments.

• When changes are made to the source engagement, users in the destination engagement receive a notification to inform them that those changes have been applied to their file. Engagements are resynced every five minutes.

• If you lock down an engagement that contains data synced from a source engagement, changes made in the source engagement are no longer synced.

• If both the source and destination engagement are carried forward, the carried forward files are automatically linked so you can continue to sync data from the current year's source engagement.

Bulk actions for documents

The Documents page now features the option to make changes to multiple documents at once.

When you turn on 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 on all of those documents at once.

Document permissions:

• Firm authors: Can't delete documents available in the app by default.

• End users: Can't delete documents available in the app by default or those created by firm authors.

• Bulk Sign-off: This option is only available within engagements.

If you try to delete documents without permission, a confirmation dialog will list the documents you can't delete.

During bulk sign-off, you can review documents before finalizing. The Review dialog displays a Status column highlighting any important information you should be aware of.

For instance, if you're signing off on a checklist, the Status column will indicate if any procedures still need to be signed off on.

Similarly, the dialog will alert you if you've selected any documents that cannot be signed off on at this time.

When you have completed the actions you want to take you can turn off Bulk actions from the More actions () menu or select the Close () icon.

Qualitative Disclosures section

We've added a new section in 2-10 Materiality to describe the nature and impact of qualitative considerations.

Link annotations to checklist procedures

You can now link annotations to specific checklist procedures instead of the checklist document as a whole. You can select a specific procedure after they select a checklist document from the Link dropdown. They can expand and collapse groups and procedures with subprocedures to find the procedure they're looking for. The selected procedure is displayed in blue.

Carry forward for adjustments

You can now edit and delete prior year adjustments in engagements created from carry forward.

Calculated adjustments

You can now create calculated adjustments. When you add an account or group line to an adjustment, they can select fx in the Amount field and create a calculation to determine the adjustment amount.

Similarly to custom calculations in dynamic tables, you can reference trial balance data in the calculation. If the value of the referenced trial balance account or group is changed, a Recalculate button appears for the adjustment on the Adjustments page. Users can select this button to recalculate and update the adjustment amount.

If more than one adjustment requires recalculation, users can also select the Recalculate all button at the top of the page to recalculate all adjustments at once.

Customize headings in financial statements

The following updates have been made to give you more customization options for headings in financial statements:

• The Formatting Options dialog now includes a field to set the font size for area titles.

• You can now add numbering for area titles in the Numbering Heading Options dialog. While previously the numbering was only displayed in the Document Map, it is now also displayed when you navigate to the area in the financial statements as well as in the table of contents

• All five heading levels for areas and notes can now be displayed in the table of contents.

• You can now hide individual headings for areas and notes from the table of contents as well as hide the numbering for an individual heading from the More actions () menu for an area or note.

Page numbering settings for financial statements

The print settings for financial statement areas now include a Page Numbering section. You can choose whether to continue the page numbering from the previous area or restart the numbering.

Edit planning balances on the Data page

You can now edit planning balances on the Data page even after the final balance has been imported.

Search for financial groups on the Data page

To allow you to more easily find financial groups, a search option is now available on the Financial groups tabs on the Data page.

Hide zero balance columns in dynamic tables

You can now set dynamic table columns to hide automatically if the column contains only zero balances from the table settings.

When you create a new dynamic table in a template or engagement, the Hide zero balance columns setting is turned on by default. The setting is turned off for any existing dynamic tables created before this release.

Financial groups on the Data page

When you access the financial groups tabs of the Data page, you can now:

• Reorder groups

• Expand and collapse groups

Add accounts for internal subsidiaries

In consolidation engagements, you can now manually add and edit accounts for internal subsidiaries.

Select multiple dimensions when posting adjustments

When you post adjustments to groups, you can now select multiple dimensions for each group line in the adjustment.