auditflow smsf 4 - myworkpapers 4.0 transition... · all of the referencing, deleted key workpapers...

June 2015

Auditflow SMSF 4.0

Transition Guide

Table of Contents

Contents

Purpose __________________________________________________________________ 1

Updating Firm Templates ____________________________________________________ 2

Rolling-forward Audit Files ___________________________________________________ 9

SMSF 4.0 Transition Guide

Purpose

To provide you with the best practice knowledge on how to transition your firm template and each of your SMSF

audits from Auditflow’s SMSF 3.0 product to SMSF 4.0.

It is important to note that it is not obligatory to transition your audits from SMSF 3.0 to SMSF 4.0, however it is

strongly encouraged as SMSF 4.0 has been developed in conjunction with GAAP Consulting to provide you with

the most efficient and high quality SMSF content for completing your audits. We are committed to supporting

SMSF 3.0 for the foreseeable future.

In future releases, it is not foreseen there will not be any laborious transitions required when moving from SMSF

4.0 to subsequent releases. The below procedures are required to successfully transition from SMSF 3.0 to 4.0 due

to the significant differences in content between the two products. Future changes are expected to be minimal

and will be managed through Auditflow’s content update system.


Updating Firm Templates

If your firm takes advantage of the Auditflow Templates functionality it is recommended that you complete the

following procedures before applying updates to your individual audit files.

The below procedures take the approach of using the new SMSF 4.0 content as the base content, with any

customisations being the addition of any specific firm workpapers or edits to the existing content.

Alternatively, if your firm has very heavily modified the SMSF 3.0 content for your specific purposes (e.g. changed

all of the referencing, deleted key workpapers such as the audit program etc) then it may be more beneficial to

copy over specific workpapers from SMSF 4.0 to your heavily modified template. If you require any assistance with

the template update process, please contact one of the friendly team members at Auditflow.

Setting up a firm SMSF 4.0 template

1. Access the Manage Templates feature from the Dashboard

2. Click New Template

3. Provide an appropriate name for the new template,

4. Ensure the Template Type is set to SMSF Audit

5. Click Create


6. Once in your new template, click on the Working Paper Index drop down arrow and select Copy

Workpapers

7. In the search field, enter SMSF 4.0 and press the search icon

8. Select SMSF 4.0 from the search results

9. Tick the select all tickbox at the top of the menu

10. Click Import

11. Once all of your workpapers have been successfully imported, click on the Working Paper Index tab to

return to your template


Customising the content

If not previously done, you should now familiarise yourself with the SMSF 4.0 content to understand what each

workpaper includes and how this compares to SMSF 3.0 / your current firm template. Once you fully understand

the content of SMSF 4.0, you are now ready to begin adding, editing or deleting specific content for your firms

use.

We will break the content customisation process down into three distinct steps, being:

1. Deletion of unwanted workpapers

2. Addition of firm specific workpapers

3. Customisation of the content

Deletion of unwanted workpapers

Firstly, delete any specific workpapers which you do not need or would prefer to continue using firm based

versions (e.g. engagement letter, audit report).

1. Identify the workpaper not required

2. Hover over the workpaper until the red Delete icon appears

3. Press Delete

4. Once you have deleted all of the workpapers which you have determined are not required in your firm

template, tick the Show deleted workpapers box from the top right hand corner of the screen


5. Double check that the workpapers which you have deleted are not required – workpapers which have

been deleted will appear grey and struck out

6. Click Permanently removed deleted workpapers to delete them from your template

Addition of firm specific workpapers

The below procedures will guide you through copying across any customised and specific workpapers from your

firm SMSF 3.0 template.

If this is your first time creating a firm specific template, simply drag and drop or create the new workpapers in

Auditflow like you would on any audit file.

1. Click on the Working Paper Index drop down arrow and select Copy Workpapers

2. In the search field, enter the name of your current SMSF 3.0 firm template and press the search icon

3. Select the firm template from the search results


4. Select any specific workpapers which you want to include in your new template

5. Do not change any of the Import Settings

6. Click Import

7. Once all of your workpapers have been successfully imported, click on the Working Paper Index tab to

return to your template

8. Reorder, re-reference and re-name any of the imported workpapers as appropriate


Customisation of the content

Once you have deleted and added in any specific firm workpapers, you are now able to add specific firm

procedures, delete unwanted procedures or insert standard responses to a range of procedures for your client

base.

It is recommended that standard responses only be included in your firm template where the response is

applicable to your entire or the majority of your client base. For example, if all of the funds you audit come from a

single administrator, then it would be logical to insert standard responses in the B2 Auditor Independence

workpaper or the B4 Audit Strategy for the administrator to avoid repetition and re-entry of the same response on

every audit file.

Below is an example of a standard threat to independence which exists for a firm due to all of the funds which

they audit coming from a single administrator. Editing and setting this as a response at the template level will then

flow through to each and every audit file created from there on.


Releasing and using your new template

Once you have finished customising your firm template, it is time to release the template and archive the

superseded template.

1. Access the Manage Templates feature from the Dashboard

2. Set you superseded template as Archived, this will remove it from the available list of template when

creating files or rolling-over

3. Set your new firm based SMSF 4.0 template as Released

4. Happy Auditing!


Rolling-forward Audit Files

If you are part-way through an audit or have completed an audit then it is not recommended that you update any

of the workpapers in those particular files. However, when rolling-forward the audit files to complete the

subsequent years’ audit it is important that you update the workpapers at that stage.

The below steps will show you how to quickly and easily update an audit file to the latest SMSF 4.0 content during

the roll-forward process.

1. Click on the My Files dropdown and select Roll-forward file

2. On the roll-forward menu, type in the name of the prior year audit file you wish to roll-forward

3. Change the File Template to either be SMSF 4.0 or your firm based SMSF 4.0 template

4. Check and update the audit file period details as required and when ready press Next

5. On step 2 of the roll-forward process, only select the following workpapers and folders to roll-forward:

a. Permanent file folders and workpapers

b. Substantive audit folders and workpapers (e.g. C Income, D Expenses, F Assets etc)

c. Any other client specific workpapers which you want to roll-forward (e.g. signed engagement

letter)

The main folders and workpapers which you will not want to roll-forward will be in the planning and

completion folders. You can select specific workpapers if required, however note that any comments or


responses from the prior year cannot be transferred to the new SMSF 4.0 content.

6. Select the desired Roll-forward Options

7. Press Next


8. On step 3 of the roll-forward process, select all of the relevant workpapers from SMSF 4.0 or your form

based template which you want to have as part of your new file

9. Click Import Workpapers

10. Import your trial balance and begin auditing using the latest features, functions and content of SMSF 4.0


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