What's new - OnPoint Audit Fall 2022 Release (v2.1100.0)
Here is what’s new in OnPoint Audit Fall 2022.
Annual standards update
OnPoint Audit checklists and documents have been updated to meet all standards effective for audits of financial statements for periods ending on or after December 15, 2022, including SAS 142 - Audit Evidence.
Enhancements to audit work programs
As part of this release, multiple improvements have been made to audit work programs.
Audit Response Table
OnPoint Audit will now include an Audit Response Table (ART) as part of each audit work program in the Fieldwork phase. The new risk assessment table allows you to see the assessed risks at the assertion level for each financial statement area. The assessed level of risk enables you to determine the extent of audit procedures that are required to be carried out for each relevant assertion, resulting in a more streamlined and efficient engagement.
The goal of the ART is to guide you in performing an optimal level of audit work to address the assessed risks of material misstatement. Icons and warnings inform you if you're performing excessive or insufficient procedures, or if any changes were made to the assessed risks or to the audit plan after sign-off.
To view further guidance for the ART, you can select the Guidance (
) icon for the table.
Updated visibility for Effectiveness of tests of controls procedures
To further streamline the audit workflow, the Effectiveness of tests of controls procedures in each audit work program are now driven by the Will you be testing controls? option on the Risk Assessment page. If you select that you are not testing controls, you will no longer be required to complete these procedures.
Improved guidance
To provide better in-product guidance during your workflow, the following enhancements have been made:
Interactive welcome guide
To provide you with a seamless onboarding experience, a new three-minute welcome tour now automatically displays to introduce you to the key areas of an OnPoint Audit engagement. The tour includes screenshots, short videos and links to additional online help topics to help you effectively navigate and perform your engagement.
The welcome guide can be accessed at any time from the Resource Center.
Interactive Resource Center
A new Resource Center has been added to share information about upcoming OnPoint Audit releases and new product features. You can access the Resource Center from the bottom right corner of the engagement.
External documents export for OnPoint CloudBridge
To provide a more efficient way for our current desktop users to transfer data to cloud engagements, the OnPoint CloudBridge file has been updated to include the ability to export several external document formats such as PDFs, Excel and Word documents.
For more information about how to add CloudBridge to Working Papers engagement files, see Transfer individual engagements with CloudBridge.
To download and install the latest version of OnPoint CloudBridge, see Get CloudBridge.
