The short title for this monitoring activity.
The title is visible in tables and when selecting items from libraries.
It should therefore be concise but clearly indicate what the monitoring activity is.
|The unique identification number for this monitoring activity.|
No input required.
This field is automatically completed based on the process that was followed to include the monitoring activity.
Select either ‘yes’ or ‘no’.
The default is ‘yes’, to indicate that the monitoring activity is relevant to the firm.
Reason for not relevant
This field appears when the firm has indicated that the monitoring activity is not relevant to the firm.
It is a compulsory field.
Select the relevant area that the monitoring activity relates to.
• Compliance with applicable quality standards;
• Risk assessment process;
• Implementation and operation of policies and procedures;
• Monitoring and remediation process; and
This field appears when the area selected is ‘Implementation and operation of policies and procedures’.
Select ‘Firm level’ and/or ‘Engagement level’ to indicate the level at which the policies or procedures are implemented.
When developing monitoring work programs, this indication will assist in identifying the relevant monitoring activities to be included for the monitoring work programs at firm and engagement levels respectively.
Select the relevant component of the firm’s system of quality management that this monitoring activity relates to.
• Acceptance and continuance of client relationships and specific engagements;
• Engagement performance;
• Governance and leadership;
• Information and communication;
• Relevant ethical requirements; and
Include the wording of the monitoring activity.
When a monitoring activity is selected from the library, the firm will edit the monitoring activity to align it with the firm’s unique circumstances or the firm’s own policy and procedure responses.
Select the relevant option from the dropdown menu:
• Scheduled, means that the execution of the monitoring activity will be performed at specific intervals.
• Manual means that the monitoring activity will be performed ad hoc. There will therefore not be any predetermined intervals at which the monitoring activity will be performed.
In the case of monitoring the implementation and operation of the firm’s policy and procedure responses, the determination of the timing of monitoring activities are often influenced by the timing of the procedure responses.
This field appears when the firm has selected the timing of the monitoring activity as ‘scheduled’.
The result of the ‘edit frequency’ functionality is reflected in this field.
Include information about the extent to which this monitoring activity will be performed.
For example, the extent could include ‘all audit engagements for listed entities only’ or ‘inspect the supporting documentation of all matters recorded in the firm’s register’.
Select the standard(s) that the monitoring activity relates to.
Where the firm has only selected one applicable standard, then no selection is required.
Include authoritative references where relevant.
Include links to documentation elsewhere.
Include a name and URL for each linked document.
URLs can either be to a document in the Caseware Cloud instance or to another location, such as the firm’s SharePoint library.
Include any additional notes or comments.
Previously recorded quality objectives can be linked to this monitoring activity using the dropdown menu.
Previously recorded policy responses can be linked to this monitoring activity using the dropdown menu.
Previously recorded procedure responses can be linked to this monitoring activity using the dropdown menu.
Previously recorded risks can be linked to this monitoring activity using the dropdown menu.
Previously recorded tasks can be linked to this monitoring activity using the dropdown menu.
This is an optional field and will be left blank if the monitoring activity will become effective immediately on publishing it to the firm’s system of quality management.
When a monitoring activity is only effective from a specific date in the future, that effective date is recorded in this field.
The monitoring activity can then be recorded and published before the effective date.
This is an optional field and will be left blank if the monitoring activity will remain in effect for the foreseeable future.
When it is decided that a monitoring activity will no longer be applicable from a specific date, the date on which the monitoring activity will no longer apply to the firm’s system of quality management is recorded in this field.
The monitoring activity will then be in operation until the ‘effective to’ date is reached.
Note that even though a policy or procedure response may be discontinued at a specific date, the monitoring activity linked to that policy or procedure response may need to continue for a period after that date, to allow the persons performing the monitoring to perform the monitoring activity. This is especially important for monitoring activities that are performed at intervals only.