What's New in Agile Audit?

What's New in Agile Audit?

November 2023

This Major update includes:

Enhancements:

  • The new Planning balances feature allows you to record and track interim balances before the year end. You can now upload planning balances for current and prior years, review planning balances in analysis charts, and include information related to planning balances in the risk and risk assessment reports (refer to FAQ for information).

  • Ability to Create new engagement based on existing file from either the More actions () menu for the existing engagement in Cloud or from the New engagement dialog (refer to FAQ for information).

  • Improved Audit Report that links more directly with responses answered in the 4-500 ASA Requirements - Audit Opinion checklist (refer to FAQ for information).

  • Improved Assign Mapping screen.


Features:

  • New Management / Governance Letters (ASA 260 & 265) including a summary of detailed items which are linked directly to Risks, Controls or Issues (refer to FAQ for information).


  • Introducing “end of the engagement” queries to promptly send contacts key workpapers for review or signing (refer to FAQ for information).

  • New ASA Australian Auditing Standards Report to assist engagement partners in confirming compliance within their engagement file (refer to FAQ for more information).

            


June 2023

Enhancements:
  1. Fixed issue with 2-130 Key Business Process Worksheet clearing out responses (Review the FAQ for further information).
  2. New enhancement that supports importing up to five financial years
      
Features:
  1. New Audit Response Tables (ART). The Audit Response Tables (ARTs) is a summary table which links the risk assessment of an audit area to its risk response workpaper. This summary table will assist with assessing the appropriate nature and extent of audit procedures to address each relevant assertion (Review the FAQ for further information).
      

May 2023

This release will fix the issue in the sampling worksheet where the user comments is not being retained in the worksheet.


April 2023

This minor update includes:

Enhancements:
  1. The New Control Report displays all the controls that have been documented by the audit team. Using the control report, further information can be added to the internal controls that assess the Design and Implementation and the Operating effectiveness for each control (refer to FAQ for more information).
  2. The new Dynamic Tables in 2-100 and 2-600 worksheets assists you with more efficiency in documenting the same information in 2-100 as would also be required in 2-600. Whether you are documenting in either 2-100 or 2-600, the tables will update automatically (refer to FAQ for information).

November 2022 (ASA 315 / ASA 220)

This major update includes:

Enhancements:

  • New ASA 315 “Likelihood of Misstatement Occurring (LMO)” and “Magnitude of Potential Misstatement (MPM)” options now available within the Risk Assessment area. The “Inherent Risk (IR) ratings” are determined by the assessments made for LMO and MPM.

  • New ASA 315 “Inherent Risk (IR)”, “Control Risk (CR)” and “Risk of Material Misstatement (RMM)” assessment ratings (refer to FAQ for information on carrying forward to next year’s file):
          IR = Lower (L), Higher (H), Significant (S)
          CR = Low (L), High (H)
          RMM = Lower (L), Higher (H), Significant (S)

  • Other ASA 315 changes

    • Amended checklist “2-100” with additional content areas derived from appendix 2 of ASA 315

    • Amended checklist “2-110” with additional content areas and ASA 315 reference adjustments

    • New workpaper “2-130 Key Business Processes” which has been designed to assist the auditor in documenting the key business processes and key information relating to a significant class of transaction (refer to FAQ for more information)

    • New workpaper “2-140 IT Applications” which has been designed to help auditors with identifying and assessing the adequacy of resources responsible for IT applications and related IT infrastructure (refer to FAQ for more information).

    • Updated “2-200” with changes to the ASA 315 requirements

    • Updated “2-600” with changes to the ASA 315 requirements

    • Included ASA 2020-1 AUASB changes to general content throughout 

  • Changes to assertions

    • Formerly C E A V - changed to C E AV P (refer to FAQ for more information)

  • Changes throughout all B.10 - X.10 Risk Response Programs

    • Assertions have been updated to utilise C E AV P.

    • Updated the two “Perform Analytical procedures”

    • Include new “Presentation” procedure

                  

  • Update to Sampling Worksheet

    • Assertions have been updated to utilise C E AV P.

    • Inherent Risk (IR) and Control Risk (CR) ratings have been amended to be consistent with the Risk Assessment component (2-250)

    • Minor tweaks to the document guidance

    • Other Substantive Tests (OST) renamed to “Substantive Analytical Procedures (SAP)

                   

  • Quality Management changes as per ASA 220

  • General terminology adjustments like e.g. “Quality Management” (formerly Quality Control) and “Engagement Quality Review” (formerly Engagement Quality Control Review)

  • Amended checklist “2-210” with new ASA 220 section

  • New checklist “2-215 - ASA Requirements - Engagement Quality Review (Planning)” to comply with new ASA 220 requirements

  • Amended checklist “4-700” with new ASA 220 requirements 

  • Replaced checklist “4-710 content with new ASA 220 requirements

  • Included ASA 2021-1 AUASB changes to general content throughout

  • Audit Report 

  • Improvements between “4-500” and “4-520” relationship

  • Updated “4-520” Audit Opinion and Audit Responsibility areas

  • Updated “4-520” to include the “Key Audit Matters” areas

  • New Mapping numbers added for COGS

 Features:

  1. New Control Feature
    1. We have introduced a new Control feature which allows for more comprehensive documentation of controls.
    2. The original control report has been removed - a new control report to support the new Control Dialog will be coming in Jan 2023.


November 2021
This major update includes:

 Enhancements:

  • New Independence workpapers to assist you in determining whether you or your team have any conflicts as per Corporations Act 2001 (if required) and APES 110.


  1. New Sampling workpaper to assist you in generating sample sizes for substantive audit procedures. The worksheet can be added as frequently as required.

  1. New Data Completeness workpaper to assist you in determining whether the trial balance and general ledger are not missing any data that could lead to inconsistencies and errors that impact accuracy and reliability.


Features:

  1. New Specific Analysis Ratios within the Analysis areas of the Risk Response Programs. In April 2021, we introduced the 2-270 Analytical Review document. These ratios have also migrated to the relevant Risk Response Programs’ Analysis section.


April 2021

This major update includes:


Enhancements:

  • Resolved issue whereby risks from previous engagement were not carrying forward into the subsequent year engagement

  • Directed the 'help' link within engagements to Agile Audit specific knowledge base - making it easier for you to access relevant help articles


  1. Changed default paper size on a global basis to A4

New features:

  • Improved analysis graphs in risk response programs - displays line items in CY and PY tables. Colour coding has been applied to improve readability.



  • Welcome card for Agile Audit - can now quickly navigate to important pages such as the ‘What’s New’ FAQ and webinars.






  • NEW document roles/ schemes functionality - allows firm authors and end users to customise and add in additional sign-off roles and schemes (a group of roles). See Adding and customising Roles/Schemes for more information.


  • NEW 2-270 Analytical Review document containing ratios



Content:

  • NEW updated mapping structure - more detailed and comprehensive mapping structure, that is universal across all CaseWare Australia & New Zealand cloud apps

  • Content corrections i.e. fixed grammar and spelling

  • Reviewed and fixed procedure sign-off inconsistencies 

  • COVID-19 checklist update

  • NEW R - Employee Benefits section and program


  • Addition of Disclaimer & Copyright in permanent information folder




May 2021


We are pleased to announce the release of CaseWare Agile Audit’s May 2021 template update.

This update is key. It is important to ensure you read all the instructions and follow the processes described. Please contact our Customer Service team (+61 3 9660 4688 or support@caseware.com.au) if you require any assistance at all with the information provided in this email.


This major update includes:


Enhancements: 


  • Product default year has been updated from 2020 to 2021

  • RFI visibility settings have been amended to consider new mapping i.e. sections within the RFI now show/hide based on account allocation to new mapping numbers

  • ‘Emphasis of matters’ paragraph in 4-520 Audit Report is now optimised by corresponding procedure in 4-500 .


Content:


  • The RFI document has been replicated and added as a query template - meaning if the original RFI is cancelled by accident, you can add a new copy back in easily. Simply click +Query and it will be available in a back library.



  • NEW 4-450 Income Statement and 4-455 Balance Sheet workpapers. Please review How to use the Agile Audit Balance Sheet and Income Statement? for more information. The password to view the video is AuDiT2017. 

  • NEW additional auditor’s responsibility paragraph in 4-520 Audit Report that is optimised by new procedure in 4-500.



August 2021

This is to advise you that a minor Agile Audit update will be released Thursday 12 August 2021.  This minor release includes:

Multiple signoff of roles

Enabled the Multiple Signoff option on all default roles - allowing for sign off of the same role by multiple users. For more information and instructions on how to enable the Multiple Signoff option on custom roles, please refer to What's new in SE 2021-06?


Display of Other Financial Assets

Previously, when mapping accounts to 1.310 and 2.310 mapping numbers, the balances were correctly included in the Current and Non-Current analysis graphs, but did not display in the Financial Assets account listing. This issue has now been resolved, and accounts mapped to aforementioned mapping numbers will now display in the Financial Assets account listing.


Important note:  The accounts mapped to numbers 1.310 and 2.310 will automatically display in the Financial Assets account listing across ALL engagements, including all existing engagement files.  


Removal of Employee Benefits from Other Liabilities

Previously, accounts mapped to 3.700 and 4.700 mapping numbers displayed in both the Employee Benefits and Other Liabilities analysis graphs and account listings. This issue has now been resolved, and accounts mapped to aforementioned mapping numbers will now ONLY display in the Employee Benefits analysis graphs/ account listing.


Important note: The accounts mapped to numbers 3.700 and 4.700 will automatically be removed from the Other Liabilities analysis graphs and account listings across ALL engagements, including all existing engagement files.


Fixed Preparer and Reviewer fields in ‘Staff Assignment’ view

Previously, Preparer and Reviewer details did not populate in the Staff Assignments View of Agile Audit. This issue has now been resolved.





Removal of ‘Year 2020’ from ‘Manage Template’

Previously, text displayed Manage Template Year 2020. Text has now been updated to Manage Template to avoid confusion, as Firm Templates are NOT managed yearly.





Other minor enhancements

  • Removal of the non-optimal flag against the ‘Use of Experts’ procedure in 1-120. This has been actioned in accordance with our content expert’s recommendation.

Resolved spelling error in the Request For Information query document and Request For Information query template.



ACTION REQUIRED:


Firm Settings:

To apply the new updates to your firm template, follow these steps:

  1. Browse to the firm template screen and click the Update button 

  2. Click the Publish Template button. 

This will merge the new content into your current firm template.

Note: If you have a current firm template in Draft Mode, select the Publish Template button to publish your current draft, then the Update button to begin a new draft with the updates merged into the existing firm template.

If you have any questions about this update please contact the CaseWare Customer Service team for assistance on (03) 9660 4688 or via support@caseware.com.au.







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