Audit Profile 6 - OneForm (New Zealand)

Audit Profile 6 - OneForm (New Zealand)

How can I tell if I am using a “Profile 6” 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 (New Zealand) Profile?

The OneForm (New Zealand) profile includes automatic documents, work programs, materiality and the Financial Assertions Worksheet. It also includes "OneForm" - a memo document designed as a framework for ISA (NZ) 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. OneForm (New Zealand) does not appear as an option within the image below. However, the OneForm (New Zealand) profile would be considered the same as the OneForm (Australia) profile. In this case we would refer to OneForm within the matrix below.



 

What is unique about a “Profile 6 - OneForm (New Zealand)” 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. For  New Zealand only, the ONE document also includes the standard NZ AS 1 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. 

  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.

  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.

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



    • Related Articles

    • What's New - Audit System

      Audit System 25.00 - October 2023 The Audit System October 2023 (version 25.00) is a minor update. For information on specific workpapers review Audit System document and procedure updates. Any engagement file that has not yet been updated to Audit ...

    • 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: AO - General Options Template Toolbar and Existing Workpapers Comparison to the document ...

    • 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: AO - General Options Template Toolbar and Existing Workpapers Comparison to the document ...

    • What's New in Agile Audit?

      April 2024 This Major update includes: Enhancements: Improvements to 1-005 Independence Summary which is now displaying team member positions and new links to the new Engagement Teams table in 2-600 Overall Audit Strategy. This will improve ...

    • 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: AO - General Options Template Toolbar and Existing Workpapers Comparison to the document ...