Audit Profile 3 - Micro Audit
How can I tell if I am using a “Profile 3” engagement file?
There are a number of ways to confirm what type of “audit-profile” engagement file you have created:
AO - General Options
Template Toolbar and Existing Workpapers
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, the button Micro is only used in Profile 3 - Micro. This button is hidden for all other profiles.
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 Micro Profile?
The Micro Audit profile includes simplified mapping and work papers specifically designed to suit very small audits. In addition, it also includes the "Micro Audit Memorandum'' which links to CaseWare Q when shared to the Cloud. NOTE: This profile CANNOT be used in conjunction with the FinancialsIFRS template and DOES NOT contain the Financial Statements Areas (FSA) Worksheet. Recommended for very small sized entities.
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 3 - Micro Audit” engagement file?
- MIC Micro Audit Memorandum: Unique only to the Micro Audit profile, the MIC is similar to the completion memorandum in all other profiles. In the Micro Audit profile it is the primary worksheet for the engagement partner to enter all relevant information. It is the engagement partner’s responsibility to establish compliance within a micro audit engagement.
- Mapping Numbers: The mapping numbers in Micro are closely similar to the Leadsheet groups. Unlike the other profiles that utilise the IFRS mapping structure, the Micro audit only has up to 40 mapping numbers to choose from. This means, Micro audit is the only profile that cannot generate FinancialsIFRS documents.
- No FSA worksheet: Micro Audit profile is the only profile where an FSA worksheet is not included within the default profile index. All work is done in the MIC Micro Audit Memorandum worksheet.
- No RRPT / CRPT reports: Micro Audit profile is the only profile where these reports are not within the default profile index. All work is done using the risk and control tables in the MIC Micro Audit Memorandum worksheet.
Smart/dynamic procedures: Not unique to Micro Audit, but clearly more abundant in this profile. These procedures, which mostly exist within the Z - Financial Statement Areas and Balances folder, are removed when not needed, as determined by the imported Trial balance. For Example, if there are no accounts for Inventories, then all procedures for Inventories will be removed from Z.A10 Program - Assets which are associated with inventories.