What's new - OnPoint Audit Winter 2021 Release (v2.630.0)

Here is what’s new in OnPoint Audit Winter 2021 release.

Content updates

Annual standards update

OnPoint Audit checklists and documents have been updated accordingly for all standards effective for audits of financial statements for periods ending on or after December 15, 2021.

New Test of Controls Worksheet

Improved and more efficient Test of Controls worksheets have been added to OnPoint Audit that support the testing and documentation of the operating effectiveness of controls. These worksheets do the following:

  • Capture key information related to controls documented within the engagement.

  • Calculate the sample size and allow work documentation to be done by the engagement team.

  • Summarize the results of the work performed.

Trial balance updates

Financial grouping structure updated for Property, Plant and Equipment depreciation

The trial balance financial grouping structure has been revised to support additional financial grouping details for Property, Plant and Equipment depreciation categories.

As a result of the Trial balance financial grouping update, the Property, Plant and Equipment work program was also updated to reflect the new changes.

Tax specific financial groupings

New tax specific financial groupings have been added for the following categories:

  • Operating expenses - selling, general and administrative

    • Meals and entertainment

    • Gifts

  • Other operating (income) expense:

    • Accretion expense

  • Other income (expense), the investment income, interest and dividend has been split into:

    • Investment income, dividend

    • Investment income, interest

Tax forms have also been updated to reflect the new changes.

Financial Statement updates

Financial Statements

The financial statements have been revised and expanded to:

  • Incorporate new groups added to the financial grouping structure.

  • Provide additional flexibility in reporting. For example, net of tax or gross presentation of other comprehensive income, portrait or landscape presentation of the statement of stockholders' equity, changing the titles of financial statements.

  • Addition of the cash flow statement utilizing the direct method.

  • Statement of cash flows worksheets to aid in the preparation of the cash flow statement.

    Note: There is an automated worksheet that utilizes the Cloud Connector capability for those that have Office 365.

Note Disclosures

The notes library has been expanded and includes over 1,000 note disclosure templates which can be added to the financial statements and customized as needed.

The additional note disclosures now available in the notes library include the following areas:

  • Marketable securities

  • Inventories

  • Prepaid expenses

  • Equity investments

  • Leases in financial statements of lessors

  • Retirement of tangible long lived assets

  • Goodwill

  • Other intangible assets

  • Impairment or disposal of long lived assets

  • Other assets

  • Loan impairment

  • Held for sale

  • Leases in financial statements of lessees

  • Accounts payable and accrued expenses

  • Compensated absences

  • Refundable fees for services

  • Details of revolving credit facilities

  • Insurance assessments

  • Commitments

  • Contingencies - debt

  • Contingencies - litigation

  • Revenue

Non-departmental Income Statements

OnPoint Audit financial statements now include the ability to generate non-departmental income statements. Non-departmental income statements provide the flexibility to create income statements which present all operating expenditures in a single section instead of departmental breakdowns.

Firm authors can now add financial groups to existing grouping structures in the firm template. Note that firm authors can’t modify or delete any groups added by primary authors. To learn more, see Customize financial groups and Group properties.

If custom financial groupings have been created, the user can manually add the custom groupings to the non-departmental income statement. The added custom groupings in the income statement are retained when you carry forward the engagement and follow the same financial statement set-up procedures.

To learn how to add custom groupings to the financial statements, see Edit table rows in the financial statements.

Additional improvements

Custom widths for dynamic tables

You can now set custom widths for dynamic table columns from the column settings. Once you select Specific from the Width drop-down, you can specify the width of the column in inches or centimeters. The unit of measurement is determined by the unit selected in the product settings.

To learn more, see Column settings in dynamic tables.

Dynamic table font size

You can now modify the font size of text in dynamic tables by selecting More actions (). You can use this option to decrease the font size when working with large tables to fit more content on a single page. The default font size is 11.25pt.

To learn more, see Change the dynamic table font size.

Default underline and overline options for dynamic tables

To enhance the presentation of the financial statements, you can now set default underline and overline options for dynamic tables in the Table borders settings.

You can set underline and overline options for header rows, total rows, grand total rows and final rows.

You can also select the Override table customization checkbox to override existing underline and overline options in all tables and apply the default settings.

To learn more, see Set default underline and overline options for dynamic tables.

Default behavior for rows overridden or rounded to zero

When you manually override trial balance values to zero or when trial balance values are rounded to zero, the dynamic table row now displays in gray in the financial statements. This will not be included in the print copy.

To learn more, see Review group and account balances in the financial statements.

Dynamic text in financial statement area print settings

Firm authors can now add dynamic text to headers and footers for financial statement areas in the print settings.

To learn more, see Add a header or a footer in the financial statements.

Hide sub-level headings for notes in financial statements

In the 7-600 Financial statements document, the Notes print settings now include an option to automatically hide sub-level headings for notes in the PDF output if there are no subsequent notes in that group.

The option to hide sub-level headings in the PDF output is also available for individual notes in the More actions () menu if there are no subsequent notes in that group.

To learn more, see Set up the print options in the financial statements and Hide sub-level headings for notes.

2021 Annual Tax year export updates

The tax export feature in OnPoint Audit now incorporates the updated 2021 tax exports. Updated tax codes are included for the following tax vendors:

  • Thomson Reuters UltraTax CS®

  • Intuit's Lacerte© Tax

  • CCH® ProSystem fx® Tax and CCH Axcess™ Tax

For a detailed list of changes included in this release, see Working Papers online documentation here: USA tax year export.

Fixes

The following list features a brief description of the issues that have been resolved in this release.

  • When you add or modify the content of a procedure in a Checklist, the text cursor may become inactive while you are entering text or when you stop doing so.