Review the prior year's engagement
You are preparing to work on an engagement for a client who you've done work for in past years. During the planning stage, you will likely want to review this client's old files.
Locating the prior year's file
To begin, you can find the engagement file from the prior year by searching the Files page.
Reviewing a Working Papers file
If your organization did publish the Working Papers file for the prior year, you should be able to find it here. You can open the file to review client documents from the last engagement.
Sharing a file with the engagement team
Once you have found the engagement file from the prior year, you may want to share it with the engagement team for this year.
You have shared the prior year's file with your engagement team. They will be able to access the file for reference while they are working on the current year's engagement.
In order to determine materiality for this year's engagement, you can review the materiality from last year.
You can review the contents of the materiality documents to help you determine materiality for this year.
Reviewing last year's time and expenses
When you are getting ready to set a budget, you may find it helpful to review the costs associated with the engagement from the prior year. If your organization uses the Time app to track time and expense entries, you can run a summary report that displays these costs. The report parameters should be as follows:
- Group by: Work Code
- Entiteit:(entity name for your engagement)
- Opdracht:(last year's engagement)
- From date: First day of the last year
- To date: Last day of the last year
You have successfully generated a report of Time entries for last year's engagement, grouped by work codes and subtotaled.
You can export the results of this report by selecting the Export button at the bottom of the left-hand pane. You can then run a report for expenses and another report for invoices, to compare your costs with the amounts billed to your client.
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