Complete the engagement
This topic applies to OnPoint PCR.
The Financial Statements and Completion phase includes the documents required to prepare the financial statement and conclude the engagement work. For example, if you've indicated that your engagement is a Review, the 3-120 Review Engagement Completion document is available.
If you have indicated that you are using GAAP as the accounting framework in the Engagement Setup, the GAAP Presentation and Disclosure Checklist folder is available under the Financial Statements and Wrap-up phase.
Additional checklists may also be available based on the responses you provided in the 3-100 Financial Statements Setup checklist.
Some of the engagement conclusion tasks include:
Note: Make sure all the documents in this phase are signed off by the designated preparer and reviewer.
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 3-100 Financial Statements Setup checklist allows you to customize the financial statement for your engagement.
Note: Procedures related to financial statements that affect engagement letters are in the 1-110 Engagement Setup document.
The 3-150 Financial Statements and Report document is automatically populated with some data as you complete other documents.
If you've specified GAAP as the reporting framework, the 3-310 Presentation - Statements document consists of inquiries related to how you want to prepare and present the financial statements document.
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 Add an analysis section in the financial statements and Review account analysis in the financial statements.
- The 3-160a Representation Letter is a sample review findings letter.
The 3-160a Representation Letter document specifies the parties that will receive a copy of your findings, as well as any specialized instructions.
Matters that are of sufficient importance to merit the attention of management or those charged with governance are communicated in this letter.
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.
In this step, you need to complete all available checklist documents, such as the wrap-up 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 3-120 Review Engagement Completion, where you provide responses to questions about the procedures and engagement quality.
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 3-160a Representation Letter (Draft) is available in your engagement, you can review it and send it to your clients using the 3-160 Representation Letter (Query to Client) to sign and return.
Lastly, use the 3-300 Final Documents (Query to Client) to send other documents, such as trial balance and financial statements, to the client.