Module 10 - Review & Finalisation
Audit and Accounts Review
All programmes and checklists will need to be completed in the review sections of the current audit file. Links are also provided to the review checklists from the Main index.
Management Letter
To populate management letter with feedback records select Management feedback records from the Field work folder of the Main index, or from the Document menu. Select Add to record observations, recommendations and implications
Enter the title, type of point, management schedule it is to appear on and complete the other fields.
Anyone can record items in the list and the Partner and Manager can then decide which ones to include in the report by ticking the checkbox Include in management report. Select severity of High, Medium or low and enter the details.
Creating the report
The Create button on the Management feedback records window is used to create a report off all records marked as to be included.
At the end of the audit, when all the records have been reviewed and the records to be included in the report flagged, select the Create button. This will cause the system to compose the draft schedules to be attached to the management letter based on the following:
- One schedule will be created for each Management schedule defined and included in the report.
- Within the schedule the points will be summarised sorted by severity within type of Point.
- For each point, the system will show the title followed by the observation, implication and recommendation.
Later, once management has responded to or remedied the point, you can record this in the dialog and tick items that have been remedied so they will not be carried forward to the next year.
You can also record if the matter is to be communicated with those charged with governance.
Disclosure checklists
To access these, select the Disclosure checklist folder in the current audit file. The checklists are both interactive and integrated. This means that how you answer questions at the beginning of the checklist will affect subsequent questions in that checklist and may delete or include other checklists. Therefore, it is important to answer checklists and questions in the order presented.
Opinion Summary/audit highlights
The opinion summary available from the Completion is a blank document where the rationale for your audit opinion can be recorded.
Points forward
Record any points that need to be carried forward on the points forward document. This is available from the Document menu.
Forcing seniors to a conclusion on risks
As a default, seniors are not required to conclude on identified risks and key controls being tested before they can sign off an audit. They are only provided with a warning that there are risks and controls that have not been concluded on. The logic of this is that there may well be some areas where the seniors are not qualified to conclude and hence the manager needs to give it consideration. Managers cannot sign off until all risks and key controls have conclusions.
Some practices would prefer the system to force the seniors to enter conclusions on all risks and key controls and there is an option in the System options tab of the System settings dialog to allow you to implement this.
Quality control
For all controls that have been flagged as being subject to further tests, the system will check that procedures have been defined both when you sign off planning and each audit area. If no procedures have been defined in respect of a control that is to be tested, you will not be allowed to sign off planning or the area. In addition, the system will warn seniors if conclusions have not been entered in respect of any controls tested and it will not allow manager to sign off an area until all tested controls have conclusions.
Manager & Partner review and sign off
In order to check whether all tests, questions and notes across all audit areas have been done or cleared select the Completion drop down menu. Then select the tests outstanding and questions outstanding reports. From these reports users can drill down directly to programmes and checklists. Also all comments, notes and Materiality comments can be displayed from this menu before signing off the file
Printing the file
If a hard copy of the whole or any part of the file is required select print from the File menu.
Removal of notes
There is a facility to remove notes from an audit pack available from the Utilities menu. System option are included in the System options tab of the System settings dialog, to allow you to indicate if you wish this facility to be made available and which notes can be removed.
The facility will be turned off as the default setting. If you turn it on by placing a tick in one or more of the option checkboxes, the option will be available in the following circumstances:
- The option is on and the pack has been fully signed off.
- The user accessing the pack is at manager level or above.