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 (1.5.0.340.100.000.000.800.00000.000).
    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 1.5.0.340.100.000.000.800.00000.000. Assign the NETINC account.
    c) Press OK.

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


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