Audit Profile 5 - OneForm (Australia)

Audit Profile 5 - OneForm (Australia)

How can I tell if I am using a “Profile 5” 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 ONE are only used in Profile 5 - OneForm (Australia) and Profile 6 - OneForm (New Zealand). This button is hidden for Profile 1, 2, 3 and 4.



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. To distinguish between OneForm Profile 5 and 6, review Phase B. Profile 5 will be utilising B.10 - X.10, whereas Profile 6, will be utilising B.10NZ - X.10NZ.

What is the OneForm (Australia) Profile?

The OneForm (Australia) profile includes automatic documents, work programs, materiality and the Financial Assertions Worksheet. It also includes "OneForm" - a memo document designed as a framework for ASA documentation requirements.  This profile is designed for simple engagements. A one page memo form is provided as a framework to complete required documentation, including risk documentation. Where more guidance is required additional documents can be added from the document library.

 

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 5 - OneForm (Australia)” engagement file?

  1. ONE: OneForm Audit memo. All planning and completion based documents have been removed via this profile and only the OneForm workpaper remains for the auditor to document their information about the engagement. This workpaper is unique to OneForm (Australia) & OneForm (New Zealand) profiles.

  2. Phase A and Phase C: Unlike Profiles 1, 2, in OneForm (Australia), these are cut-back with the expectation to enter all detailed information in the ONE OneForm Audit Memo.

Please see Tip Vid - What is OneForm for further information.