What is the recommended approach for updating my existing ‘Understanding the Entity (315 worksheets)?
Understanding the Entity and other 315 Worksheets
The new Audit System template contains changes to the look and feel of several “Understanding the Entity” worksheets.
In the Audit System Australia and New Zealand template these worksheets include:
Similarly, the updated worksheets in the Public Sector template include:
This will be a manual update, when updating, any existing work within these worksheets. To prevent losing any important data, complete the following steps. Note that these steps should only be followed on a file that has been rolled forward, never on an in-progress engagement file.
We recommend that you save your existing Understanding the Entity files as a RTF (rich text format) file prior to updating the engagement file.
To do this, open the relevant Caseview document and select File.
In the Export tab, select Rich Text Format.
Specify the name and location for the new file, and click OK.
Repeat these steps for any Understanding the Entity files that you want to backup.
To update your engagement, click on the update popup in the top left corner.
Alternatively, if you cannot see the update popup, you can update by selecting the yellow triangle on the bottom right of the window and choosing Check for Updates.
The update process will take approximately 5-10 minutes to complete.
When the update has completed, locate your RTF files in your computer’s document manager. From here, you can select and copy your files, and then paste them into the updated engagement file.
These files can be used as a reference to fill out your updated Understanding the Entity workpapers.
OneForm and Micro Audit engagements
Like the Understanding the entity worksheets, ONE for the OneForm profiles, and MIC for the Micro audit profiles, have also been updated to be compliant with the new 220 and 315 standards.
Consider your options before you proceed with updating ONE or MIC. The only way to incorporate the new worksheets is to delete the former ONE and MIC documents from your engagement files, which have likely been heavily documented.
Consider the RTF option as we did with the Understanding the Entity workpapers above. Alternatively you may wish to be creative by adding new items in ONE or adding extra disclosures in MIC. The compliance of OneForm and Micro engagements is the responsibility of the Engagement Partner. There is nothing technically wrong with keeping your old worksheets in the engagement, however you need to be confident that they are compliant in your professional opinion.
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