Conclude the engagement

Content in this topic requires Caseware ReviewComp.

The CONCLUSION phase includes the documents required to conclude the engagement work based on the responses you have provided in the Planning Optimiser document. For example, if your engagement is a Review, the 5-10 Completion checklist document is available. If your engagement is a Compilation, the 310 Compilation engagement - Completion checklist document is available.

If you have indicated that you are using ASPE as the accounting framework in the Fieldwork Optimiser, the Financial reporting framework folder is available at the Documents page to include ASPE related checklist documents.

Additional checklists, client queries and letters may also be available based on the responses you provided in Planning and Fieldwork Optimiser documents.

Some of the engagement conclusion tasks include:

Note: Ensure all the documents in this phase are sign off by the designated roles. To toggle the document signoff views, select More Actions () | Sign-offs.

  1. Complete the relevant checklists and send letters

  2. Issue the report and send the relevant documents to your client

Complete the relevant checklists and send letters

In this step, you need to complete all available checklist documents, such as completion checklists.

Completion checklists help you determine whether sufficient evidence has been obtained to form a conclusion on the financial statements. In a Review engagement, you need to complete the 5-10 Completion checklist, where you provide responses to questions about the engagement quality and ethical requirements as well as file completion and financial statements report.

Completion checklists are typically prepared by the file reviewer and signed off by the partner or practitioner.

You also need to send to the clients any relevant letters that you need them to review, sign and return. For example, if the 5-25 Management representation letter is available in your engagement, you can review it and send it to your clients using the 5-26 Client queries - Management responsibility letters and draft financial statements to sign and return.

Issue the report and send the relevant documents to your client

To finalize the engagement work, you need to review and finalize the reports that document your findings and present a conclusion, then send those reports to your clients.

  • The 6-00 Review findings document is a sample review findings letter.

  • Matters that are of sufficient importance to merit the attention of management or those charged with governance are communicated in this letter.

  • The 6-10 Report transmittal document specifies the parties that will receive a copy of your findings, as well as any specialized instructions.

  • It also contains signature fields for multiple parties in your firm to confirm that each major area of the engagement has been completed to staff satisfaction.

  • The 6-15 Financial statements optimiser document consists of inquiries related to how you want to prepare and present the financial statements document.

  • Complete the Financial statements Optimiser checklist before you review the financial statements document.

  • The 6-20 Financial statements document is automatically populated with some data as you complete other documents.

    Review the financial statements for accuracy and presentation, and make content or layout edits to customize the report for your clients. For example, you can override existing values, add groups and rows, add or remove notes and more. To learn more, navigate to Engagements > Financial Statements Preparation. To learn more about analysis graphs and notes in the financial statements, see Analysis graphs in Financial Statements and Add a note from library to the financial statements.

Once the documents are completed and signed off, you need to send the relevant documents to your client using the 6-30 Client queries - End of engagement document. For example, in a Review engagement, you need to send the 6-20 Financial statements and the 6-10 Report transmittal documents to your client.