Audit Profile 2 - New Zealand

Audit Profile 2 - New Zealand

How can I tell if I am using a “Profile 2” 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 New Zealand Profile?

The New Zealand Profile includes all available documents and forms based on the requirements of the New Zealand 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. New Zealand does not appear as an option within the image below. However, the New Zealand profile would be considered the same as the Australia profile. In this case we would refer to Australia within the matrix below.



 

What is unique about a “Profile 2 -  New Zealand” engagement file?

  1. 6-100NZ: Sign-off Report - ISA (NZ) Requirements. The 6-100NZ document lists every requirement of the ISA (NZ) 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 ISA (NZ) 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 2 - New Zealand'' there is a checklist you are required to run at the start of the engagement (OPTNZ) and we also run through some optimiser questions towards the end of the engagement (4-000NZ).
  3. New Zealand Year-end date: During the “create new file process” if a user selects New Zealand or OneForm (New Zealand) the year-end date will be set to 31 March.
  4. NZ AS 1: A New Zealand only standard which deals with the auditor's responsibilities with respect to service performance information when an auditor is engaged to audit the general purpose financial report. This is a new inclusion into our template for NZ entities, which will impact existing workpapers, OPTNZ and ONE for oneform engagements. This will also see the inclusion of several workpapers specific to NZ AS 1.