How do I create a 'Micro Audit' engagement with Financials?

How do I create a 'Micro Audit' engagement with Financials?

The Micro Audit Profile is the only audit profile that does not copy across the Financial Statements upon creating a new engagement file.
The reason for this is due to the Simplified Mapping that is used in the Micro Audit Profile. The Simplified Mapping is not sufficient for the Financial Statements.
However, it is possible to create a Micro Audit Profile with Financials.
This means you will need to utilise the Full IFRS Mapping chart of accounts when mapping your Trial Balance.
Follow the Steps below:
  1. Create a brand new engagement file by entering the file name, select Audit System and press Create file

  2. Select the Micro Audit profile and Press OK.
  3. Perform the following:
    a) Close the Micro Audit Profile Guidance document.
    b) Complete and Click OK on the Engagement Properties screen.

  4. Perform the following:
    a) From the 'CaseWare' ribbons, select File | Copy Components.
    b) select Copy Into This File.
    c) Press Next.
  5. Select the FinancialsIFRS template and press Next.

  6. Perform the following:
    a) Ensure The following components is selected and select Documents.
    b) Select the Financial Reports folder.
    c) Select the IFRS Control Documents (do not delete) folder.
    d) Ensure Copy Documents only (no folders) is unchecked.
  7. Perform the following:
    a) Select Groupings/Mapping.
    b) Select the Mapping Checkbox and press Options.
    c) Select Replace with source file's mapping structure.
    d) Press OK.
  8. Press Next to continue.
  9. Press Next again on the following screen.
  10. Press Finish to complete the process.

    Important: This process may take a few moments.

  11. When the process is finished it will notify you that Documents have been added to top of Document Manager. Press OK to this message and spend a moment organising the new folders into your engagement folder structure.
  12. Finally, we need to map the NETINC account to the Net income/loss for the period (
    a) Press the Mapping button on the template toolbar (or Account | Assign Mapping from 'CaseWare' ribbon).
    b) Select the NETINC account and locate mapping number Assign the NETINC account.
    c) Press OK.

The process is now complete and you can utilise the Micro Audit profile with Financials.

    • Related Articles

    • How to create a Combined Audit and Financials Engagement File?

      To create a combined Audit and Financial Engagement File, follow the steps below. Prerequisites: A combined file can only be created if both the Audit Systems and Financial IFRS templates are installed. Audit Systems Template Financials IFRS Template ...
    • Cloud Financials questions

      Here are some questions that we have received in our launch webinar. General Questions What content is available in Cloud Financials? Currently, Cloud Financials supports the new AASB 1060, General Purpose and SDS content for: Companies - for profit ...
    • How to import a Trial balance and adjustments from an Agile audit engagement into a Cloud Financials engagement file.

      Cloud Financials provides the ability for users to easily import a mapped trial balance along with adjustments from an Agile audit engagement into a Cloud Financials engagement. This method cuts down the TB import time for users who need to create ...
    • Create a Cloud engagement

      On question: Does the Cloud engagement already exist? Select: Yes choose the Entities Cloud engagement to transfer data to if the engagement exists. Or No which will prompt navigation to the CaseWare Cloud to create an engagement file if it doesn't ...
    • How do I convert an existing engagement file to 'Micro Audit' profile?

      Since the introduction of the Micro Audit profile in the latest template, you may have the desire to switch some of your existing engagement files into the new Micro Audit layout. This should only be considered if you can see a real advantage in ...