How to create a new Business Cycle

Adding a new business cycle

To add a new user defined business cycle, you must click on the  button within the FSA document. This will then allow the user the option to add or delete a business cycle. In this case, we will choose 'Add'. 

Once you have selected to add a business cycle, you will be prompted to provide a name and identifier for it. You can edit the name/ identifier by selecting on that cell and typing over the content in the bar highlighted below.

In this example, we have called the new business cycle 'Inventories' and we can now see it in the dropdown selector along with the four default cycles.

Furthermore, when you click to insert a business cycle in the FSA, it is also available there. And will be displayed in the FSA if selected. 

Creating the new 150 documents 

Whilst in the 3-150 - Design and Implementation of Controls folder, create a new folder for the custom business cycle.

 

You will then have to copy the three documents highlighted below from the Master Documents folder of the Audit System - Control Documents, into the newly created folder.

After you have edited the reference numbers of the copied documents, your new folder should look look this. 

Please note that all identifier numbers should end in 'AUST'.

Linking the 150 documents to the cycle

To customise the view of the reports so they reflect the information of the new business cycle, you click on the  button and choose the business cycle from the dropdown.

You then can save this view by clicking on . This will allow you to choose it as an option from the view dropdown.

Within the Control Testing Worksheet, users can link the new 150 documents (they should have been given unique reference numbers earlier) by either clicking on the plus button or right clicking to annotate. 

 

• Related Articles

• Create New File and Import Data (update method 2)

  The conventional method of updating an engagement file to the new version of the template follows the Staff Update Guide (“update method 1”).   However, there is another method available when the standard year-end close and roll forward is not an ...

• 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 ...

• 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 ...

• How to create a new director details table

  To create a new director detail table complete the following steps: Click the + Add section below an existing director detail table and select Text section. This will insert a new text placeholder to the selected location. Click within any existing ...

• How do I use the new Documents Screen in Agile/ SMSF Audit?

  In April 2021, CWANZ have released a new Document page layout in our SE products. This includes AGILE Audit, SMSF Audit and XTEND. The new Document page presents the folders and documents down the screen vertically as opposed to horizontally. The key ...