Since the previous release of Audit System there has been a new audit standard that has been introduced, ASA 701 - Communicating Key Audit Matters in the Independent Auditor’s Report. As a result of the new requirement, the Audit System template has had the following amendments made:

Three new workpapers

• 4-701 - ASA Program - Communicating Key Audit Matters in the Independent Auditor’s Report
  
• KRPT - Key Audit Matters Documentation
• 4-760 - Auditor’s Report (KAMs)

Amended workpapers

The following programs have been completely re-written to be inline with the requirements of ASA 701.

• 4-250 - Going Concern
• 4-700 - ASA Program - Forming an Opinion and Reporting Considerations
• 4-710 - ASA Program - Comparative Information (ASA 710)
• 4-720 - ASA Program - Other Information (ASA 720)
• 4-730 - ASA Program - Modifications to the Opinion (ASA 705)

Other changes

Some other changes to be aware of that may not be directly related to ASA 701 but should be considered when conducting an audit post-December 2015 are:

• New Audit Assertions as per ASA 315.A128. This hasn’t directly changed the template but it should be considered when doing your audits in Audit System.
• 1-310 - Engagement Letter (new format as per ASA 210)
• 5-110 - Written Representation Letter (new format as per ASA 580)

 How do I ensure my existing engagement files are compliant with the new standard?

• The first thing to consider is the new standard affects mostly the Audit Report and Going Concern workpapers. To ensure your engagement file is compliant with the latest standard you will need to:
• Ensure the engagement file is updated as per our update guide.
• Copy and replace the ‘8’ workpapers above in the New and Amended sections.

Note: The update process will provide you with the option to conduct both these steps in a systematic process. Please call support if you have any questions.