Audit Profile 4 - Review

Audit Profile 4 - Review

How can I tell if I am using a “Profile 4” 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 does not really help us for a Profile 4 - Review file being identified because there are no buttons unique for the review profile. However, conclusions may be made on what is not there. For example, Profile 4 is the only profile that is not enabled with CaseWare. Therefore, the Q button would not be in the toolbar of a review profile. Another tip would be the Requirements button being hidden - however these buttons will also hide if you delete the corresponding documents, Q and 6-100 (or 6-100NZ).


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. Documents 0-100 - 0-115 in Phase A, A.00 in Phase B, and 4-050 - 4-066 in Phase C are unique to profile 4.

What is the Review Profile?

The Review Profile includes all available documents and forms based on the requirements of the ASRE requirements. The profile also has the B.01H - X.01H leadsheets setup to already present half-year imports for listed entities. This profile should be used for review 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. The Review profile is kind of the black sheep in the list as it will usually be closer to Profile 1, but doesn’t directly fall into any of the Very small to large matrix below. You are able to download documents from the Australian profile into a Profile 4 engagement if you require.



What is unique about a “Profile 4 - Review” engagement file?

  1. A.00 ASRE Program - Review of a Financial Report (detailed procedures): The Risk Response Programs do still harbour the Leadsheet workpapers, but programs B.10 - X.10 are not present in a review profile. Rather all relevant procedures are contained within one ASRE Program, A.00.
  2. B.01H - X.01H Half-Year Leadsheets: The half-year leadsheets have been pre-determined to display the first half of the current year, along with the first and second half of the prior year. The review profile also includes other half-year workpapers such as; 3-107 -Trial Balance; 3-116 - Analytical review; 4-307 - Income Statement; and 4-308 - Balance Sheet.
  3. 4-750 Review Report: The report is generated based upon the answers selected by the user from the control table above. The content of this document is from the suggested review report templates in the appendices ASRE 2400, 2405, 2410 and 2415.
  4. CaseWare Q disabled. This profile does not link with key data on CaseWare Cloud.

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