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Table of Contents

Important changes

Corrected texts

  • Corrected English term: Common materialityOverall materiality
  • Corrected English term: Control actionControl activity

Renamed terms

  • The term Control trial balance is used instead of Final trial balance
  • The term Engagement is used instead of Audit
  • The term Section is used instead of Step in the engagement file
  • The term Misstatements is used instead of Errors, and Summary of audit misstatements instead of Summary of errors respectively.

Financial statements

  • Simultaneous classification of one account to both statement of financial position and income statement items is not allowed. During update, the statement of financial position item is taken into account.

Risks

  • Risk description field is limited to 4096 symbols

Main changes

Basic

Dashboard

Dashboard support was added, which includes information and functions selected by the user. The dashboard view can be personalised by all users.

Method

Statement of financial position and Income statement items

  • Option to export items in file was added
  • Option to import items from file was added
  • Automatic nomenclature FS Items was added, which unites the Statement of financial position and Income statement items

Chart of accounts

  • Option to refer accounts to a Financial statement item was added. When selecting it, the respective item in Statement of financial position or Income statement will be automatically selected. And vice versa, when selecting a Statement of financial position or Income statement item, the respective Financial statement item will be automatically selected as well.
  • The option to open the Chart of accounts for editing from the Trial balance window was added
  • The option to export/import matches in/from a file

Lead Schedule

A new type of document was added - Lead Schedule. It shows all accounts from selected Financial statement items and its sub-items. The items are selected during document set up. There is an option to work with the in-built form or with an MS Excel parametrised file.

Dependencies

  • New dependency types were added: Sector of economy and Engagement type
  • The option to set dependency for each section was added

Working paper import

  • During import of Checklist or Program, references to the method working papers are kept (if it is exported from the same method, not only as an engagement, but also as a type - for example, ''Independent Financial Audit''.

Engagement

  • A new Trial balance view mode is now supported - ''Trial balance with one column''. The view mode used so far was renamed ''Trial balance with six columns''.
    This parameter is set separately for every engagement. It affects the visibility of the following windows:
    • Trial balance
    • Edit and import of Trial balance
    • Trial balance groups
    • Note lines
    • FS lines
    • Misstatements and Summary of audit misstatements
    • Lead Schedule

Control activities

  • Option to identify control activities for every working paper was added
  • Window showing all control activities was added
  • Option for a preliminary assessment of control activities was added
  • Option for connecting a control activity with risks
  • Option to specify working papers that would be used for control activity testing

Risks

  • Risk matrix was added, which shows the identified risks coverage by the associated control activities.
  • In the Risk matrix can be specified which substantive procedures would be used for selected risk coverage

Statements

Note lines

Note lines report was added, which shows trial balance with grouped accounts according to Financial statement item. All accounts without a preset FS item are displayed in a separate group named <not mapped>.

FS lines

FS lines report was added, showing the sums of the balances from the chart of accounts, grouped according to selected Financial statement items.

Statement of financial position and Income statement

  • Option to generate the final statement

Trial balance groups

  • New group type: Accumulative. Takes the Opening balance (OB) of the first subordinate Trial balance (TB), and of the last one - the Turnover (TO) and Closing balance (CB).
  • During consolidation, the option to select which data to be used

Other changes

Databases

  • Original extensions FBK (Backup) and FDB (Database) were restored
  • Option to create an empty database was added
  • Database connection setup was simplified

MS Office Modules for parameter work

Installation package

MSI installation package is used. The current version can be downloaded from http://www.ada-soft.bg/downloads/AuditDesktop/OfficeAddins2/AdaSoft.AuditDesktop.OfficeAddinsSetup.msi

The installation package has two installation variants:

  • For the current user - not requiring administrative access rights
  • For all users - requires administrative access rights. This variant is also suitable for terminal server installation.

New functions

  • Tickmarks support was added
  • New template types were added of the ''Report result'' type: Local section, Specific section, Specific document

Nomenclatures

New nomenclatures

  • Countries nomenclature was added
  • Currencies nomenclature was added
  • Tickmarks nomenclature was added

Organisation

  • The option to select trial balance type by default when creating an engagement was added

Engagement

Engagement creation parameters

  • Option to set the trial balance (TB) type used in the engagement: TB with six columns (OB, TO, CB with Dr and Cr each) or TB with one column (only CB, using CB Dr - CB Cr)
  • New parameter for selection of currency used in the statement
  • Option to disable dependencies. In this case, all documents are shown; those that are not active are coloured in grey in the file.
  • Parameter for defining the start and end date of fieldwork
  • Option for group adding/removing of team members
  • New parameters of the selected method: Engagement type and Sector of economy
  • Option to select which data to be transferred during completion and copying

Engagement file

  • Button for showing hidden documents

  • Buttons for showing/hiding descriptions of section or document

Materiality

  • New section Risks that shows all risks marked as affecting the materiality threshold
  • New fields to fill in:
    • Threshold of non-material misstatements
    • Significant disclosures

Risks

  • New window for adding or editing risks
  • New risk parameters:
    • affects determining materiality threshold
    • fraud risk
    • affects the entire statement
  • Parameter for determining whether a risk is material or not
  • Option to add a risk without determining its level
  • Option to edit risk directly from the list (Risk register or Identified risks) was removed. Editing can be performed only in the new window.
  • Option to connect a risk with a Control activity was added

Trial balance

  • New view mode of One-column trial balance was added
  • A new trial balance type was added: Final. It is calculated from the Adjusted trial balance, adding all Reclassifications.

Misstatements

  • To each misstatement was added a new column, for selecting the trial balance that it belongs to. A list of all groups of trial balances is shown.
  • Two new columns for determining the misstatement type were added: Adjustment or Reclassification
  • New view mode of One-column trial balance was added, showing only CB Dr and CB Cr

Summary of audit misstatements

  • A column that specifies what trial balance the misstatement belongs to was added
  • Columns that specify whether the misstatement is an Adjustment or Reclassification were added
  • New view mode of One-column trial balance was added, showing only CB Dr and CB Cr

Working papers

  • Option to add Tickmarks to working papers
  • Option to use data from a section or document in documents of the type File: Text document

Resolved issues

  • Error during export/import of trial balance groups from/to method
  • Loss of income statement items arrangement when creating or copying engagement
  • Problems when adding two or more references to one and the same document in one and the same step/question of a program/checklist
  • Other issues

 

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