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To open the window for the creation of a new audit engagement, choose one of the following ways:

  • Open the Home tab → Click the All button → Select a client → Click New
  • Open the Home tab → Click the Clients button → Right click on a client to open the context menu → Select New engagement

The Client field is filled in automatically and cannot be edited. There are several obligatory parameters that must be entered when creating a new engagement. Other parameters are important inasmuch as they influence the way you work on the engagement; still others are present for informational purposes only.

To create an engagement you can work on, the following minimal steps must be performed:

1. Enter the audit name.

2. Select the engagement method.

3. Select the team leader and team members.

This information is sufficient to start a new engagement; all other parameters can be changed later on. Parameters are grouped into several sections:

General

Engagement type

The availability of some functions depends on the selected engagement type. The options are:

  • Project - supports basic functionality
  • Audit - supports all that is available in Project as well as additional, audit-specific functions

Audit type

In addition to having informational value, the selected audit type influences some documents and procedures in the engagement method. The extent of the impact depends entirely on the manner in which the selected engagement method is organised. The possible options are:

  • Initial
  • Subsequent
  • Intermediate
  • Follow-up
  • Other

Tip

The procedure Connection with previous auditor is active only in Initial audit type.

Code and Audit name

The engagement's code and name help you search more easily for and recognise the engagement in the list of engagements.

Engagement approach

To create a new engagement, it must have a selected method in the Library. Once the engagement is created, its method cannot be changed.

Info

In case you select the Planned engagement option, you will not be required to select a method, or if you do, the method can be changed later on. Once the engagement becomes actual, the selected method will be obligatory and any subsequent change will be impossible.

A planned engagement is an engagement without a selected method. The engagement can be referred to in Planning, but you cannot work on it.

The following options, which depend on the selected method settings, are available:

  • Type of engagement
  • Sector of the economy

These options enable you to use one and the same method with different visibility and accessible working papers, depending on the selected values.

Tip

The Financial Statement Audit Approach (FSAA) distributed with the program has different types of engagement set for the audit of Micro or Small entities and for the audit of Medium or Large entities. If you select the Micro or Small entities option, you will be able to view a simplified audit procedure, whereas if you select the Medium or Large entities option, you will be able to view the complete set of working papers and procedures.

Audited period and Parameters from the contract

They are included for informational purposes and are used in document parametrisation.

Important dates and Planned fieldwork dates

In addition to its informational purpose, the data from these sections is used when creating the engagement plan. Some of the tasks' dates can be set as relative, depending on the values of these parameters.

Team

In this section you can select the engagement team. In order for employees to have access to a given engagement, they must be part of its team. All employees who have the right to participate in teams are displayed in the form of a list, which is set in the Employees nomenclature. Team members are grouped in up to four levels:

  1. Partner
  2. Manager
  3. Team leader
  4. Assistant

Levels 1-3 allow you to mark only one employee per level. When selected, they become automatically marked as such in the Team members list. Assistants are added by marking the Member column. If you wish to give access to an assistant to review the method approach, you must mark so in the Method column.

Accounting

  • Trial balance type - select 1-column Trial balance or 6-column Trial balance type
  • Reporting currency - select the currency of the report
  • Use Control TB - mark if you want to use the Control trial balance

Advanced

Parameters specific for Internal audit

The following parameters are specific for conducting an internal audit:

  • Annual plan
  • Planned hours
  • Calendar
  • Auditee structure
  • From plan
  • Audited entity
  • Processes

Note

Here you can add a note in plain text connected with the audit engagement that you are creating.

Previous

You can enter information concerning the previous engagement such as previous auditor name, previous financial year, etc.

Other options

Dependencies and calculation

  • Disable dependencies - deactivates automatic dependencies concerning the activity/visibility of sections and working papers, depending on the engagement parameters, selected materiality and identified risks.

Once you have entered all necessary parameters, click Save. Your new engagement is now created and you can start working on it.