Caseware updates Audit Luxembourg

This update does not include a new version of the template. All changes apply to both new and existing files.

• Embedding the Datasets page within the Data page

To unify the data import and viewing experience, the Datasets page is now embedded in the Data page. The Import tab has been replaced by the new Datasets tab on the Data page. When you select to import data on the Datasets tab, the entire import process happens within that tab, instead of opening a new browser tab.

• Saved views for the Data page

The Save views icon is now available on the Data page that allows you to save your current view and access previously saved views.

• View a dataset from the Datasets tab

You can now view a dataset from the Datasets tab of the Data page. While previously, you could only view trial balance and general ledger in the Data page, you can now select the View data button for any dataset to view it.

• Import from existing engagement

The new imports workflow also includes the option to import trial balance data from an existing engagement. When you select the Import from Caseware Cloud Engagement option, a dialog opens that allows you to select the engagement from which you want to import. 

• Custom formulas for the Overall Materiality Table

You can now use custom formulas in the Overall Materiality Table.

• Materiality and performance materiality for specific circumstances for areas

• Issues for dynamic table rows

You can now add issues to dynamic table rows. The Issues icon displays when you hover your cursor over the right side of a dynamic table row. You can then select the icon to add an issue.

• Filter adjustments

An All types dropdown is now available on the Adjustments page that allows you to filter adjustments by type. When you select to export adjustments, only the filtered adjustments are included in the generated file. This allows you to select only the types of adjustments you need and provide a copy of them to your clients.

• Copy account assignment for consolidation engagements

An update has been made to the Copy account assignment option on the Assign accounts page. When you select a consolidation engagement to copy account assignment from, you can then select which engagement in the consolidation hierarchy you want to use as the source engagement. You can also select multiple grouping structures to copy from the source to the destination engagement.

• Improved guidance on date fields for Excel imports

Additional guidance is now available on the Assign Fields page when you are assigning date fields for data imported from Excel.

• Bug fixes

This update does not include a new version of the template. All changes apply to both new and existing files.

• Search for financial groups on the Data page

To allow you to more easily find financial groups, a search option is now available on the Financial groups tabs on the Data page.

• Calculated adjustments

You now have the ability to create calculated adjustments. When you add an account or group line to an adjustment, you now have the option to select fx in the Amount field and create a calculation to determine the adjustment amount. If the value of the referenced trial balance account or group is changed, a Recalculate button appears to recalculate and update the adjustment amount.

• A new column for Entity Tags has been added.
• A new column, 'Version,' has been added to indicate whether the full audit or the lite version is applied to the engagement.
• The column related to the lockdown date has been split. A new column 'Lockdown due' has been added to separately indicate the lockdown deadline based on the date of the Audit report.
• If the number of days until lockdown becomes negative due to a delayed lockdown, this number will remain even after the file has been locked. 
• A button 'X' has been added to remove a filter from a column.
• Bugfixes

• Updated import page and automatic assignment of Trial Balance accounts.
  • When configuring the columns during the import of the Excel/CSV file, the "Financial Group Number" can now also be selected. This allows the accounts to be assigned to the financial groups directly via the Excel file.
  • After configuration, a data layout can be saved. This layout can be selected when configuring the columns at the top right of the page. This way, the configuration does not need to be done repeatedly.
  • Accounts are no longer automatically assigned by default. A new option has been added to the Optimiser checklist that allows automatic assignment to be applied if needed.
  • An option has also been added to the Optimiser checklist to collectively unassign the assigned accounts.
• New company types are now available: UCITS, RAIF and Other AIF
  • Document A100 Optimiser checklist: an additional option to tailor engagements for UCITS, RAIF and Other AIF is included.
  • Data page and leadsheets: selecting any of these fund types as the nature of the company in the Optimiser checklist will display the corresponding mapping in the Data page and leadsheets.
  • A500 Materiality document: a new default benchmark "Net asset value" to calculate materiality levels are in place, based on the new mapping.
  • New financial statement areas for these fund types have been added for Risk assessment purposes.
  • Plans and procedures phase: only the relevant checklists for these fund types will be included in your engagement file (if "UCITS/RAIF/Other AIF" is selected in the Optimizer checklist).
    • 2 new freeform checklists have been added. You can edit and add specific procedures in these checklists manually:
      1900 Net asset value
      2000 Realized gains/losses
• In the Optimiser checklist, a distinction has been made between "First Year - taking over from a predecessor auditor" and "First Year - not audited before by a predecessor auditor" and the related content logic has been adjusted accordingly.

• In the Engagement Set-up folder, you can now import adjustments via a CSV file.
• The Split Adjustments option is now available on the Data page. When you turn this option on, normal and reclassifying adjustments are displayed in separate columns. 
• In the Materiality document, a percentage can be selected for the calculation of the Trivial Amount.
• Analytics
  • The following documents have been removed from the Analytics folder:
    ● B010 - Influencers
    ● B040 - Analytics Insight
    These documents have been replaced with a new technology stack that is embedded in our documentation.
    You will now have access to the analytics tests directly in the C145 - Use of journal entries document.
• Other minor improvements and bugfixes , e.g. visibility of certain procedures in the Plans and procedures checklists

• Data page
  
  • Financial groups: when you access the financial groups tabs of the Data page, you can now reorder groups, and expand and collapse groups.
  • Select how many rows to display: you can now select how many rows to display on the Data page from the Rows per page dropdown.
  • Edit planning balances: you can now edit planning balances on the Data page even after the final balance has been imported.
• Bulk actions for documents
  When you turn on the Bulk actions option from the More actions (... ) menu on the Documents page, you can select multiple documents and then move, delete or sign off on all of those documents at once.
• Review Tools enhancement
  When you select the number next to a review tool in the Review Tools popover, the document now automatically jumps to the next item flagged for that review tool. This improvement makes it easier to navigate through items that need review in a document.
  
  
• Carry forward for adjustments
  You can now edit and delete prior year adjustments in engagements created from carry forward.
  
  
• Link annotations to checklist procedures
  You can now link annotations to specific checklist procedures instead of the checklist document as a whole.
• Risk Library design updates
  A number of changes have been made to the design of the Risk Library page to improve usability.

• Modify financial group names
  You can now modify the names of financial groups from the Data page. Note that when you modify a group name, the name you enter will be used for the group regardless of sign changes and will override the consistent, contrary and inconsistent names of the group. You also have the option to revert your changes from the Group properties dialog.

• Content update: include changes and new requirements regarding ISA 220 (Revised): Quality Management & ISQM 2: EQR
  • New D350 Partner and manager summary document added to the Completion phase
  • New (optional) worksheets added (Engagement risk factors, Inherent risk factors, Understanding climate related issues & revenue streams, Going Concern considerations) to the Planning & Risk assessment phases.
  • Workflow and usability improvements (some documents merged & unnecessary letters removed)
  • Some other procedure changes in existing checklists
• The following PCN groups have been reallocated:
  • Group 16: PPE --> Equity
  • Groups 45.1.2.2; 45.2.2.2 and 47.2: Non-current borrowings --> Other non-current liabilities
  • Group 47.1: Current borrowings --> Other current liabilities
  • Group 48B: Prepayments --> Other current liabilities
  • Group 61: Payroll and other expenses --> Cost of sales
• The following Plans & procedures folder/checklists have been renamed:
  • “Cost of sales” --> “Cost of sales and other external charges”
  • “Bank indebtedness” --> “Other current liabilities”

• Additional tailoring questions in the A100 Optimiser checklist
• General content update
  • Accounting estimate - Risk assessment procedures and risk response documents have been added to all Financial Statement Areas in the Plans and Procedures folder.
  • B265 Outcome of prior period accounting estimates worksheet has been added to the Accounting Estimates folder.
  • Changes regarding Accounting estimates procedures have been implemented to all Financial Statement Area work programs in the Plans and Procedures folder, with document reference X.101
  • Other procedure and Document guidance changes in various checklists
• New Audit Lite forms (for small audits)
• New eCDF Financial Statement form in the General folder
• Risk Library available in the Risk assessment tab
• Enhancements to engagement lockdown
  • A new Lockdown settings section has been added to the product settings and are available for firm template authors/admins.
  • As a user, you can specify the report signing date in the Engagement Properties popover.
• Copy import data across engagement files
• Engagement completeness form added in the Completion phase
  • & linked with the Lux Audit Monitor
• Reduced number of fields in the Controls report
• Other minor changes and bugfixes
  • Visibility on documents and folders
  • Reference links in some checklists

• Documents page navigation

When you navigate back to the Documents page after viewing a document, you are now automatically returned to the same location. This improvement ensures you don’t have to spend time navigating back to your previous location.

• File restoration

You can now restore and download deleted third-party files from the new Recycle Bin. Examples of third-party files include Word, Excel and PDF documents.

When you delete a third-party file, the Recycle Bin option appears in the left pane of the Documents page.

When you navigate to the Recycle Bin page, you can view a list of deleted documents and select to download them or view the file history from the ) menu.

From the File History page, you can view all previous versions of the document and select a version to restore.

• Duplicate adjustments

You can now use the Duplicate option to duplicatie adjustments. This option creates a new adjustment with the same type, description and account details as the original adjustment.

Note that any annotations, issues, or signoffs associated with the adjustment are not copied, and the duplicate adjustment defaults to the current year even if the original adjustment is for the prior year.

• Copy visibility settings

As a firm author, you can now copy visibility settings for dynamic tables and text sections in your firm template that have been authored by Caseware in financial statements.

• Carry forward for controls

Controls are now included when engagements are carried forward.

• Issues for contacts

A new issue type, Client Comments, has been added. Client contacts with read-only permissions can create, view and respond to issues of this type. This allows contacts to add and respond to issues where their input is required, while maintaining the ability for staff users to discuss other issues privately.

• New controls report
  The Controls tab is available in the risk module and the module name is changed to Risks & controls.

• Enhancements to consolidation
  A number of enhancements have been made to engagement consolidation to support more complicated consolidation hierarchies and circumstances where subsidiary entities do not require separate engagements.
  
  You can now use the Add imported TB option to create internal subsidiary entities for your parent entity and upload trial balance data without linking a separate engagement file for the subsidiary.

• Create new Word and Excel documents
  You can now create new Word and Excel documents from within an engagement on the Documents page.

• General content update

  • Changes to all Financial Area work programs in the Plans and Procedures 
  • Response set changes in Financial Area work programs and other Checklists
  • Substantive analytical procedures worksheets added to all Financial Areas in the Plans and Procedures folder
  • Tests of controls sampling worksheets were added in the Tests of Control folder under the Risk Response folder
  • Group audit related documents have been modified to remove older group audit content
  • New documents have been added and some documents have been removed

• Planning balances are enabled

  • You can now upload planning balances for the current and prior years and;
  • View the planning balances in the Data page including multiple options for variance columns to view any changes between the planning and final balances.

• Risk assessment

  • An Inherent Risk section has been added for each Financial Statement Area (FSA) and can be determined on the basis of the Likelihood of a Misstatement Occurring (LMO) and the Magnitude of a Potential Misstatement (MPO)- as part of the revised ISA 315 standard.

• Signoffs

  • Documents A500, A505, B500 and B700 have been assigned a new role scheme and can now be signed off separately during preliminary and final audit.
  • Documents C205, C215 and D625 have been assigned the Partner review signoff scheme by default.

• (Re)Insurance companies

  • The B101 Analytical Review document is now also available for (Re)Insurance companies.

• Create areas
  • You now have the ability to create audit areas and assign them to financial groups. You can also change the default audit area assigned to existing financial groups.
  • The option to create areas is available in both the Template and engagement file from the NEW AREA option in the Risks tab or in the Product settings>Features>Areas.
  • As part of this enhancement, you can also now assign areas to financial groups in the Data page.
  • The same applies for checklists: you can assign checklists to multiple areas in the Checklist Settings. Select one or more financial groupings or areas to associate with the checklist. Risks that apply to the selected financial groupings or area will be displayed in the Risks tab of the checklist.
• Import zero balance accounts
  • You can now select to include zero balance accounts when importing data from CSV or Excel files.
• Enhancements to signoffs for risks

  • Similarly to the risk report, you can sign off the entire report or individually sign off each risk in the risk assessment report.

  • You can now apply custom signoff schemes to the risk and risk assessment reports.

• Controls testing option for risks
  • In the Will you be testing controls? option you can select whether you are testing controls for each area in the risk assessment report. If you answer that you are not testing controls, the Control risk for each assertion will be automatically set to the highest level risk. Note that this will not overwrite any manual selections made previously. 
• Disable assertions for areas
  • You can now use the checkbox for assertions to disable assertions for each area. This allows you to only enable assertions that are relevant for the area.
• Make hidden procedures and documents visible when linking
  •  When you link a risk to a hidden procedure or document, a dialog now displays to inform you that if you choose to continue, the hidden procedure or document will now become visible.
• Copy and paste documents across engagements
  • The Copy from CaseWare Cloud option now allows you to copy documents from other engagements within the same entity. You can select which engagement you want to copy documents from and then select the specific document.

• Other minor improvements and fixes
  
  • Signoff for Mapping Configuration tool is disabled
  • (Re)Insurance company: tables in document B035 Data Completeness Check - AnalyticsAI are now enabled
  • Data page- informational: the Net Income balance is now automatically allocated to financial group 14.2 Result for the financial year 

• New Mapping Configuration Tool
  • This new feature is added in the Engagement set-up folder and improves efficiency by allowing you to pre-define (non-standard) mapping layout files. An online tutorial on how to use this tool will be added to the Lux Audit training bundle.

• Other minor improvements and fixes
  • Visibility settings
  • Missing sign-off buttons for procedures in documents A100 and A405 are enabled

•  Content update: 

The following list summarizes the content updates implemented:

• New audit Work Programs:
  New Audit Work Programs have been introduced. The documents related to this change are disclosed below:
  • 40.101 Agricultural Assets - Audit Procedures (New document)
  • 335.101 Government Grants - Audit Procedures (New document)
  • 340.101 Leases for Lessees - Audit Procedures (New document)
• New Queries and Query Templates have been created:
  
  • 40.101Q Agricultural Assets - Query (New document)
  • 40.101QT Agricultural Assets Query Template (New document)
  • 335.101Q Government Grants - Query (New document)
  • 335.101QT Government Grants Query Template (New document)
  • 340.101Q Leases for Lessees - Query (New document)
  • 340.101QT Leases for Lessees Query Template (New document)
• Master sample size worksheet:
  In this new version of Lux Audit a Master Substantive Sampling Test of Details Worksheet has been included, to assist in the calculation of the sample sizes for substantive sampling. Refer to the guidance on how to add a new instance of the Substantive Sampling Test of Details Worksheet.
  
  
• New Financial Statement Areas:
  • Agricultural Assets
  • Government Grants
  • Leases for Lessees

• New feature:
  
  
  • In the Data page, you can manually add trial balance groups to a grouping structure in the firm template, if needed.
    You can also edit or delete any groups you create. Note that you cannot edit or delete any pre-existing groups in the template. 

• Other minor updates and fixes:
  
  
  • A100 Optimiser Checklist: question 'Only use the query system?" removed.
  • A500 Materiality: replaced 3 manual input materiality benchmarks by auto-calculated ones.
  • A110 and D400: minor content changes and layout improvements.
  • B100 Analytical Review: corrections and further breakdown of some accounts.

• New Documents page layout
  • The Second Reviewer button is no longer available in the Engagement properties window.
  • The More actions (...) | Sign-off option is no longer available.

• Roles and signoff schemes
  • Roles, where you define the preparer role labels and the reviewer role labels. You can add as many roles as needed. To learn more, see Define signoff roles.
  • Schemes, where you set up the applicable combination of preparer roles and reviewer roles for a specific document or a group of documents. To learn more, see Set up signoff schemes.

• Risks
  • As a firm author, you can now choose whether or not to include a text field in risks analysis widgets to add comments or notes. A new check box Include the comments field in risk analysis widgets is now available in the Risks | General tab in the product settings (included in this version). Previously, this text field was always available in analysis widgets.

• Enhanced review tools in checklists
  • You can now use review tools to track changes made in checklists after the reviewers have signed off if the  Modified since last review option is turned on in the Documents page.

• Empty Input columns in dynamic tables
  • Empty Input  columns (when cells are blank or zero) in dynamic tables are now automatically excluded when you print the financial statements. When you view the financial statements in an engagement file, the headers of empty Input columns display in gray.

• Queries
  • Improved query UI: the new query layout now features buttons available at the bottom of each question.
  • You can now edit and delete your comments in the new query layout.
  • The comments area in queries now also displays the history  of each question. 

• Risks module
  • A new filter Signoffs is now available in the new risk module.

• Customize format settings
  • You can now change the default product settings for the following format settings in an engagement: Currency, Date format, Numbers and Measurement unit.

• Drag and drop documents in the new Documents page
  • You can now drag and drop external documents, such as PDFs, Word files and Excel files from your desktop into folders and placeholders in the new Documents page.

• Transactions
  • The Columns and Filters drop-downs in the Transactions tab in the Data page have witnessed a few additions and updates.

• Replace external documents
  • You can now replace external documents. You can either select More actions () | Replace or drag and drop a new document onto the old document to replace it. When you replace a document, you can choose whether to remove pre-existing signoffs or retain them.

• Content update

• Work Program improvements

We have added an additional sub-procedure in every grouping B. Substantive Procedures Extended type procedure in Work Programs, to assist in the documentation of the audit work.

• Document A100 Optimiser checklist - Initial Engagement Decisions
  • Additional questions included to tailor engagements for Financial Vehicles. In particular, to integrate specific procedures for Private equity funds/Real estate funds.

• Plans and procedures phase
  • The specific procedures (and related assertions) for Private equity/Real estate funds will be displayed in a separate Subgroup in the checklists of the following Financial statement areas, based on visibility settings (if Private Equity fund or Real Estate fund is selected in the Optimizer checklist):
    1. Investments
    2. Equity (Corporate + Partnership)
    3. Payables
    4. Payroll and other expenses
    5. Receivables, current
    6. Receivables, non-current.
    7. Borrowings, current
    8. Borrowings, non-current
    9. Liabilities, current
    10. Liabilities, non-current
    11. Other expenses
    12. Other income

• Checklists
  • If signoff is enabled for procedures and conclusion, a warning message now displays if users attempt to sign off on the document while,
    1. One or more visible procedures have not been signed off
    2. The Conclusion section has not been signed off
    3. Visible procedures in the Conclusion section have not been signed off

• Risks module
  • Risk assessments can now be carried forward.

• Signoff
  • The logic for preparer and reviewer signoff has been enhanced. Users can now only remove their own signoffs. A user that has been granted one or more administrator security roles can remove signoffs by other users.
  • Administrator security roles in CaseWare Cloud are:
    1. Admin
    2. Settings Admin
    3. Staff Admin
    4. Entities Admin

• A number of improvements have been made to Cloud Connector as part of this release:

  • The Cloud Connector pane now features a new design.

  • A loading indicator has now been added to the pane so users are aware their data is still loading.

  • Accounts and groups with a zero balance are now hidden by default. You can select the Include zero-balance items checkbox to show these items.

  • Cloud Connector formulas now support using parent entity, subsidiary, and consolidated data for consolidation engagements.

  • When you add a group to your spreadsheet from the Cloud Connector pane, all visible subgroups of that group are now also added.

• Cloud Connector materiality formulas
  

  Two new formulas have been added to Cloud Connector to allow materiality information to be used in Cloud Connector formulas. The formulas are:

  • MATERIALITY- Returns the materiality information
  • CWI.TRIVIALMATERIALITY - Returns the Clearly Trivial materiality

• Duplicate & Unlink option for Cloud Connector
  • The new Duplicate & Unlink option allows you to create a copy of your spreadsheet without any formulas. This allows you to save a snapshot of your spreadsheet where data will not be updated in real-time so you can backup information or send it to your clients.

• Integration with the new risk-based transaction analysis tool AnalyticsAI  Lux application.
• PCN2020 mapping was added. A message will appear on the dashboard to convert your CaseWare file to the updated mapping. This will happen on opening a CaseWare file that has a year begin date of 01/01/2020 or later.  Accounts need to be remapped after conversion.
• Integration of Cloudbridge on the Quickstart window to enable migration of figures to our new Lux Audit cloud solution.
• Bugfixes
  
  • New sign-off roles enabled for the final materiality levels added in the '420. Materiality (Core)' document
  • CaseWare website widget on the Quickstart window
  • 'Autofill mapping & FSA' button on the Quickstart window
  • 'Other import options' button on the Quickstart window deleted