Audit Profile 1 - Australia

Audit Profile 1 - Australia

How can I tell if I am using a “Profile 1” engagement file?

There are a number of ways to confirm what type of “audit-profile” engagement file you have created:
  1. AO - General Options

  2. Template Toolbar and Existing Workpapers

  3. Comparison to the document Index

AO - General Options

The first component to check should be the AO General Options. This will usually display the profile selected when you created the engagement. However, this may have been modified to another profile since.

Template Toolbar and Existing Workpapers

The template toolbar can be an effective clue as to the origin of your engagement file. For example, buttons like Optimiser and Requirements are only used in Profile 1 - Australia and Profile 2 - New Zealand. The Requirements button is hidden for Profile 3, 4, 5 and 6.


Comparison to the document Index

The final thing you can try is comparing the Document Manager of your engagement with the attached PDF index at the bottom of the FAQ.


What is the Australia Profile?

The Australian Profile includes all available documents and forms based on the requirements of the Australian Auditing standards. This profile should be used for all medium to large audit engagements. 
During the creating process of your engagement, you can use the image below to assist your decision on which profile you wish to select for your engagement file. Professional Judgement must be applied when selecting the appropriate audit profile. 

What is unique about a “Profile 1 -  Australia” engagement file?

  1.  6-100: Sign-off Report - ASA Requirements. The 6-100 document lists every requirement of the ASAs and automatically indicates which ones have been addressed, as the auditor completes relevant programs and checklists. It is designed to ascertain the progressive completion of the ASA requirements during the engagement and to ensure all requirements of the standards have been addressed at the completion of the audit.
  2. Optimiser Checklists: These checklists are unique to Profile 1, 2 and 3. In “Profile 1 - Australia” there is a checklist you are required to run at the start of the engagement (OPT) and we also run through some optimiser questions towards the end of the engagement (4-000).
  3. AFSL Workpapers: This is the only profile that contains AFSL workpapers as a default. You may remove these from the document manager via the optimiser. These workpapers may be copied from a “Profile 1” engagement file to others if required via the Copy Components feature.