How do I use the SMSF Insights (300) and Bank Account Transaction analysis (350) workpapers?
The SMSF Audit has introduced two new workpapers with the June 2023 release:
- 300 Insights workpaper
- 350 Bank account transaction analysis
300 Insights workpaper
The Insight workpaper has been designed to give you some quick insights about the SMSF audit engagement being audited. Currently, this only includes one automated test, Bank Transaction Summary, which assists the auditor in confirming if bank overdrafts exist, further assisting with your compliance of SISA 67 - Borrowing.
To ensure the trustees of the fund have not borrowed any money or maintained an existing borrowing during the year, the insight workpaper compares the balances from the imported transactions against the SMSF bank account(s) amount. As well as reconciling the bank accounts, the insights workpaper will help determine if the SMSF bank accounts have ever gone into overdraft during the year.
Important: Caseware are planning to introduce more automated tests into the insights workpaper in future releases.
How do I use the Insight Workpaper?
The Insights workpaper is document 300 on the SMSF Audit document manager screen.
1. To generate the get summary of bank accounts, click button Reload cash at bank button
You will be prompted with the Refreshing dialog below. Press OK to proceed.
2. The webpage may need to be refreshed to update the icons. Press F5 or reload your web browser to see the updated icons.
From the image above you can see the optimal (
) and non-optimal (
) icons to indicate whether or not there has been an issue with the SMSF Bank Accounts.
Note: Please ensure you have correctly mapped your client’s trial balance to the SMSF mapping numbers for Cash and cash equivalents for the table to work properly.
Are there any more automatic tests in the Insights workpaper?
No. At the moment we have designed this workpaper with just one automatic test, being Bank Transaction Summary. However we are looking at including more tests in future releases.
350 Bank account transactions analysis
The Bank account transactions analysis workpaper lists analysis for all the bank accounts that have been imported for the SMSF audit engagement.
Can 350 Bank account transactions analysis be opened from the 300 worksheet?
Yes you can navigate straight to the 350 worksheet from the 300 Insights workpaper. Down the very bottom of the Insights Bank Transaction table, press Click here to access the bank account analysis link. This will navigate you to 350.
How do I use the 350 Bank account transactions analysis worksheet?
The worksheet will list the following validation tests for each selected bank account:
- Number of transactions,
- Total transaction amount
- Number of days with transactions
- Current year balance calculated from transactions
- Number of days account in overdraft
If any of the above validation tests produce a non-optimal result, the worksheet will disclose the 
icon. This makes it visually very easy to confirm the selected bank account is ok.
All the SMSF fund’s bank accounts can be selected from the pick-list above the worksheet.
1. Using this picklist, select the SMSF bank account you wish to analyse.
2. If there are any changes to either the trial balance or transactions, the 350 worksheet allows you to reload the bank transactions. In order to do this, press the Reload bank transaction button. An Alert will appear that will require confirmation that you want to clear out all existing data. Press Yes to proceed.
How can I use the 350 Validation table to help analyse of accounts in superfund?
The validation table provides the auditor with the following tests that will assist in finding non-optimal information associated with the SMSF fund’s bank accounts.
1. Number of transactions:
It will show you the total number of transactions for the selected bank account for the year.
2. Total transactions amount:
The total of all the transactions for the selected bank account.
3. Number of days with transactions:
The number of days where transactions have been recorded for the selected bank account.
4. Current year balance calculated from transactions:
The calculated current year balance (Prior year balance + Transactions total), this balance needs to agree with the current year trial balance total for the selected bank account.
5. Number of days account in overdraft:
The number of days the selected bank account has gone into overdraft.
6. Transaction analysis graph:
The graph illustrates the total amount in the selected bank account with all the deposits and withdrawals throughout the financial year.It gives you the ability to zoom in and out from the graph for the analysis as per below
a. Using your mouse, you can Zoom in to the detail by selecting a section of the graph.
b. Press the Reset Zoom button to restore the default zoom of the graph.
Other things to consider
- You can add comment based on your analysis in the comment section which will be seen in the insight workpaper.
- Once you sign off the document, it stops reloading any of the bank account’s transactions in the workpaper.
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