Audit Template
Electronic Audit Work Papers
The Task Audit template contains a comprehensive suite of electronic software programs, checklists and audit work papers designed specifically for the audit practitioner in Australia.
With references to the Australian Auditing Standards (ASAs) and Institute of Chartered Accountants in Australia Auditing Manual, the template is structured to allow practitioners to obtain reasonable assurance that their audit engagements are compliant with the professional and regulatory requirements.
By linking in real time, to the data within the CaseWare Working Papers trial balance, the template provides an efficient and automated approach to the audit engagement. Designed to be flexible, Task Audit allows users to adopt a risk based approach tailored to meet the specific needs of the engagement.
Benefits of using the Task Audit template include:
Efficiency
With increased regulation and a shortage of skilled and experienced audit professionals, firms are finding it more and more difficult to maintain a viable audit practice.
Successful implementation of the Task Audit template will improve overall audit efficiency:
• Firms have the ability to set firm-wide standards within the template, thus ensuring that all engagement files are conducted using the same content.
• All leadsheets, programs, checklists, tick marks etc. are the same from one engagement file to another, ensuring that each engagement file looks and feels the same.
• Because the engagement files are electronic, users only need to create something once. Workpapers and other documents can be utilised over and over again at the click of a button.
• Engagement files are fully multi user allowing the engagement team to work simultaneously on the same file.
• Roll forward for next year allows users to leverage off this year’s work.
Compliance
A core feature of the Task Audit template design is ensuring that audit practitioners are able to demonstrate compliance with the legally enforced Auditing Standards. The ASAs are referenced throughout, and the Task Audit template guides you through the procedures; both ordinarily and mandatory. All mandatory requirements are highlighted, and a control checklist is provided to ensure that users are fully aware of the completion status of the mandatory requirements at all times.
CaseWare Working Papers also features lockdown and file security functionality which helps ensure that professional standards relating to quality control are being met.
Whilst acknowledging that professional judgment can never be replaced or neglected, with the aid of the Task Audit template, Engagement Partners can feel safe in the knowledge that their staff have access to the latest professional standards when needed.
Documentation
The Task Audit template includes a document-management system that intuitively guides the user through an audit engagement. The template is pre-structured in a logical manner, however because of the flexibility of CaseWare Working Papers, the template and any resulting engagement files can be structured to suit firm standards and historical indexing systems.
To help firms achieve a completely paperless audit, the Task Audit template includes features for users to add or scan documents directly into the engagement file and allows these, like all other documents, to be annotated and cross referenced electronically. “Sign Off” and other on-screen review functionality ensures that reviewers are fully aware of what has been completed and what work is still to be done.
Keeping up to date
With International Auditing Standards continually changing and Australia’s decision to legally back compliance with ASAs, keeping up to date is essential. The Task Audit template is continuously updated to include the most up to date standards as well as the latest in best practice guidelines. Task Technology consultants and staff work closely with the Auditing and Assurance Board, the Institute of Chartered Accountants in Australia and other contributors to keep abreast of the latest changes and ensure they are incorporated into our templates. As the move to ‘clarity’ standards becomes a reality during 2010 –11, the Task Audit template will be updated to accommodate the changes.
Updates are a key part of the Task Audit template. Twice a year all customers are sent a CD with the latest versions of the software and templates. A major benefit of the update process is that users can ‘check for updates’ and choose which content they wish to include in their existing files without overriding existing modifications. This flexible approach ensures users have complete control over
the files and templates.
Task Audit and the Institute of Chartered Accountants in Australia
Task Technology has an agreement with Institute of Chartered Accountants in Australia (the Institute) that allows it to use the Institute’s Australian Auditing Manual as part of the audit methodology for the Task Audit template.
The Institute’s Australian Auditing Manual provides a well researched and well presented theoretical basis for auditing. This agreement will benefit both Task Audit template users and the Institute’s members alike by having a consistent methodology and approach to auditing. Additionally this new partnership will provide additional resources to the Institute to help update the Australian Auditing Manual, keeping it current and relevant to members and CaseWare users’ needs alike.
The Task Audit template has been updated to reflect the manual’s approach. Changes being incorporated include a re-organised document manager, updated programs and checklists, revised assertions and links to the manual throughout the template.
This arrangement with the Institute will assist Task Technology in updating future versions of the Task Audit template ensuring they are fully compliant with the changes to the Australian Auditing Standards. As the profession moves towards ‘clarity’ during 2010-11, these changes will flow through to the template as part of the update process.
If you would like more information please contact us.
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