What is meant by Factual Projected and Judgemental Journals in CaseWare Working Papers

The Adjusting Journal Entries page has been updated to adhere to the Clarified International Standards on Auditing by adding Factual, Projected and Judgemental misstatement types to Normal Adjusting and Unrecorded Entries 

Misstatement

This option is only available when the adjusting entry type is set to Normal, Reclassifying, Eliminating, Tax, or Other Basis. Select the Misstatement type from the drop-down.

• Factual: Misstatements where there is no doubt and where supporting documentation is available.
  
• Projected: The auditor's best estimate of misstatements in populations; usually derived from sampling.
  
• Judgmental: Differences arising from the judgments of management concerning accounting entries.
  

Unrecorded Type of Journals

• Unrecorded proposed entries can represent as factual, projected or judgmental misstatements.
  
• Unrecorded - factual: will not be recorded because of materiality or proposed entries that may be subsequently changed to a normal status.
  
• Unrecorded - projected: are the auditor’s best estimate of misstatements in populations.
  
• Unrecorded - judgmental: are differences arising from the judgement of management concerning accounting estimates, or the selection or application of accounting policies that the auditor considers inappropriate or unreasonable.
  

• Related Articles

• Importing CaseWare Working Papers Engagement Files to IDEA

  To import the engagement files to IDEA: 1. Navigate to the Import option 2. Select Caseware Working papers as an option in the import assistant and click next 3. Click the browse button to select the Working Papers client file path 4. Select the ...

• Working Remotely With CaseWare Working Papers and Audit System

  CaseWare Cloud has been designed to support remote users, where users from the office and outside the office can collaborate effectively. If you are currently using CaseWare Cloud, then you are set to work remotely. What you will need to organise is ...

• Rename CaseWare Engagement Files

  Note the following: An engagement file cannot be renamed within Windows Explorer. The rename function is not available when you currently have an engagement file open. To rename the file, you would need to be out of the file. (File > Close will ...

• Connecting to Working Papers

  When links in a document attempt to retrieve data from the Working Papers database, Connector must determine with which client file to connect with. To discern which is the appropriate client file, the program behavior depends on these factors: Where ...

• How can I improve the performance of CaseView and CaseWare Working Papers

  When applications crash or exit abnormally the Windows temp folder can get clogged with left over tmp & bmp files.   These left over files can cause CaseView to run slowly. In some tests, after clearing the Windows temp folder, opening a CaseView ...