What's new - OnPoint Audit Fall 2024 Release (v2.2050.0)

Here is what’s new in the OnPoint Audit Fall 2024 Release:

Content

Standards updates

Leases (ACS 842)

Leases (ASC 842) has been updated and represents the new lease accounting standard that dictates how organizations reporting under US GAAP should record the financial impact of their leases.

Current expected credit loss

The current expected credit loss (CECL) update does not add any new additional forms. It updates the existing content and standard, which aims to simplify US GAAP and provide more timely recognition of credit losses.

Industry content

Higher Education—NFP

Higher Education—Private

Specific industry content related to Higher Education. This update includes changes to footnotes, audit programs, financial groupings and schedules.

Partner management summary document

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

The 8-750 Partner and manager summary includes an overview of the following:

  • Financial information

  • Overall engagement information

  • Engagement team

  • Risk and controls information

  • Proposed audit responses overview per work program

  • Documents with nonoptimal answers

  • Documents with custom conclusions

  • Issues raised and the corresponding status

  • Posted adjustments

  • Documents with overridden visibility

  • Documents modified after sign-off

New features and enhancements in Cloud engagements

Embedded analytics

Journal entry testing

This update eliminates the current forms in OnPoint Audit and replaces them with the new capability to link embedded analytical tests to specific procedures.

The following documents have been removed from the product:

  • 6-230 Influencers for analytics insights

  • 6-250 Analytics insights

Applicable analytic tests have been embedded next to procedures in 6-200 Testing of journal entries.

Analytics Hub

This release introduces the Analytics Hub. The Analytics Hub is a central location that you can use to view a list of all analytic tests linked to a checklist. When you select a test, you can view configuration details as well as a list of checklist procedures linked to the test.

In your engagement, select the Analytics Hub page to:

  • View all analytic tests available in your engagement

  • Filter tests

  • Make adjustments to test configurations

  • Navigate to linked checklist procedures

Viewing the Analytics Hub in OnPoint Audit.

In addition to the ability to view results for an individual test, this release also features the introduction of the Aggregated Results page. This page lets you view all transactions identified as part of any analytic test in one location. You can also filter and export results to a CSV file.

This new feature gives you a holistic view of test results and makes it easier to derive insights from your data.

Viewing transactions related to an analytic test in OnPoint Audit.

New user interface for importing trial balance data from Excel or CSV files

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.

  • You can now import Excel files containing formulas. This means you will no longer have to manually remove formulas to calculate values before importing 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.

Central planning

Central planning allows you to sync risks, controls and selected checklists across engagements so the work doesn’t need to be duplicated in multiple engagements.

Select Set as Central Planning Engagement in Engagement Settings to designate engagements as central planning engagements.

Note that this action is irreversible. Once an engagement is set as a central planning engagement, the checkbox cannot be deselected.

Setting an engagement as a central planning engagement

To create an engagement that is synced to the central planning engagement, navigate to the central planning engagement in your Cloud site and use the Create Engagement from Source option. Risks, controls and selected checklists in this new engagement will then automatically be synced from the central planning engagement.

Create an engagement that is synced to a central planning engagement

In both central planning engagements and destination engagements that are synced to the central planning engagement, the Central planning () icon displays in the top menu bar. Note that the icon also displays next to the synced checklists.

Viewing a synced checklist in OnPoint Audit.

You can select the Central planning () icon in the top menu bar to open the Central Planning Hub. If you are in the central planning engagement, you can view a list of the destination engagements and whether they are up to date. If you’re in a destination engagement, this page informs you if any changes have been made in the source engagement and allows you to sync those changes.

Central Planning Hub allows you to view changes in a source engagement and to sync those changes.

If you open a synced checklist in a destination engagement, a message appears informing you that the document has been completed in the central planning engagement, along with a link to the checklist in that engagement. Risks and controls will continue to appear in the destination engagements but remain in a read-only state.

Opening a synced checklist in OnPoint Audit.

Firm authors

Firm authors can modify which checklists are included when syncing to a central planning engagement. This allows firm authors to customize central planning to suit their firm and needs, as well as to include firm author-created checklists.

In Product Settings, select Central Planning and then select which checklist documents in your template are synced. All risks and controls are synced by default. See Access the product settings, for more information.

Import planning balances after final balances

You can now import planning trial balances after importing the final trial balances. This new functionality allows you to update planning data, if necessary, before starting work on your engagement.

Identifying errors in Excel/CSV imports

When you assign fields to columns for files imported from Excel or CSV, an indicator now displays for any columns that contain errors. You can then select the indicator and the error to view more information about the error and the specific rows that have been flagged.

This makes it easier to identify and fix errors before reuploading any files.

Identifying errors in Excel or CSV file imports.

Automatic header row detection during import of Excel files

When you import data from Excel, the header row of your data is now automatically identified. This functionality already exists for CSV imports. In addition, you can now view the automatically detected header row for both Excel and CSV imports.

Automatic header row detection in a data import.

If the selected row is incorrect, you can select the Adjust header row button to manually select a new header row.

Note that both the automatic header detection and manual header selection only take into account the first 30 rows of the imported file. Rows beyond the first 30 cannot be selected as a header.

Adjusting the header row used in a data import.