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CCH Software User Documentation

Mercia Company Packs v17

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Obtaining and installing the update

Downloading

Click here and then select MERCIA: Company Master Pack, read the instructions on the download page and save the file to disk and store it in a temporary directory on your hard drive, (assumed to be “C:\TEMP” in the following instructions). Next, follow the steps outlined below.

Important: To receive software product news updates, you will need to Register on our Support Portal. (Registration Code and Practice Code required) and join our CCH Audit Automation Group to receive POSTS.

Installing

  1. Click on [Start] and then on Run...
  2. Enter C:\TEMP\MERCIA_Company_Master_Packs_v17.exe, or select the file using the [Browse] button, and click on [OK].
  3. Follow the instructions on the screen, see below for installation options.

The above assumes that you downloaded the file to C:\TEMP, if you stored it elsewhere, enter the path you used in step 2 above. During the installation process you will be asked for a password, this is provided in the notification of the availability of the packs.

Installation options

The installation program will offer you our standard default directory called PROACC\AUDITV4 on Drive C. If you have installed ProSystem AA, or store your master formats elsewhere, you must change the directory to that which you used for the original installation. The master formats have been allocated the following codes:

IMER17
MEREX16
Mercia Company Audit Pack v 17
Mercia Audit Exemption Version 16
  • If you have created your own master with these codes, installing these masters will overwrite it.
  • If you have done this, you should rename your master formats before proceeding, or contact us for advice on how you can rename our masters. 

Charge rate tables

The master packs contain charge rate tables that will need to be updated to reflect your firm’s level of hourly charges. The table may be imported from an existing pack, thereby removing the need for you to enter it manually. To do this, load Audit Automation, log in as the System Manager, and select the option to edit an existing master pack. Enter the code of the pack to be updated and click on [OK]. Select Risk model | Look up tables and then the Charge rate table tab. Finally select [Import charge rates] and select the pack from which the table is to be imported.

Specialised charts of accounts and working papers

If you are importing from a third party accounting package, it is likely that you will either have changed the alpha codes in your master packs, or have imported a new chart of accounts and working papers from a chart update routine. If you have used a supplied routine, simply follow the original instructions to install the updated chart in each of the new master packs. If you have amended the alpha codes, you can copy the amended chart of accounts to the new masters by copying the files called CHART.DBF and CHART.MDX from an old master pack to the new ones now installed. If you require assistance to achieve this, contact the support line.

Changing master packs for an existing client

To link an existing client to a new pack, proceed as follows:

  • Select File | Edit control data | Control data from the menu bar.
  • Select the Master pack code edit box and either enter the code of the new pack or select it using the [Pick] button.
  • Click on [OK].

The system will ask you to confirm that you wish to change the master pack in use and then present a dialog with options. If you are changing from one version of a master pack to the next, e.g. IMER16 to IMER17, select the option to Merge the new master programmes with the current customised programmes, if you are changing to a different pack concept, e.g. MEREX15 to IMER16, select the option to Clear the current customized programmes and Replace the working paper index so that you obtain the revised index from the new master.

Note: it is advised that users should not change master packs once planning has been signed off. Prior to planning sign off master packs can be updated but users should be aware of changes in the update that may have an effect on work already completed during the planning stage.

Always ensure that you have a current backup of the client’s data before changing master packs as this is a complicated process and if anything happens to interrupt the change, the client data may be corrupted.

Changes made to the master packs

This update incorporates the following changes:

Audit Pack Changes

The principal technical changes in these updates relate to:

Use of audit data analytics

A number of changes have been throughout the manual to encourage teams to consider the use of audit data analytics (ADA) on audit engagements.  These changes principally focus on the use of ADA as part of the risk assessment, selection of high risk transactions for testing and stratification of populations to assist with sampling, although teams are encouraged to consider its use in other areas, with revisions to planning forms providing prompts for you to record its planned use. Given the audit quality and efficiency gains which can provided by the use of ADA, a new planning form (B20) has been added for teams to appraise its use on engagements and record why ADA was or was not considered appropriate to use.  Where the use of ADA is intended, a number of other revisions have been made throughout the manual to help you record and reflect on the results from its use.

The Accounts and Reports (Amendment) (EU Exit) Regulations 2019 (SI 2019/145)

These regulations update certain definitions to applied within company law as a result of the UK withdrawing from the European Union (EU). The key update for this manual relates to the disclosure requirements for political donations within the directors’ report. Statutory Instrument (SI) 2019/145 was published on 30 January 2019, with a small number of updates taking effect immediately and others taking effect for accounting periods commencing on or after 1 January 2021.

The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (SI 2019/685)

These regulations update certain aspects of company law such that companies applying IFRS will apply UK-adopted IFRS rather than EU-adopted IFRS for periods commencing on or after 1 January 2021.

Ethical Standard 2019

The B12 and B13 (both individual and groups) have been updated for the Ethical Standard 2019 which is largely effective for engagements with periods commencing on or after 15 March 2020.  A new letter for reporting breaches of the Ethical Standard / Firms ethical policies and procedures has also been included within the example letters section. 

Two new disclosure checklists have been added to the product:

•        IFRS - for periods commencing on or after 1 January 2020 but before 1 January 2021;

•        FRS 101 - for periods commencing on or after 1 January 2020 but before 1 January 2021.

The new disclosure checklists take into account the relevant technical changes for the applicable period which incorporate a small change to IFRS 16 - Leases and changes to IFRS 7 in relation to IBOR phase I.  

See the audit manual for a full list of changes

Master audit pack documentation

Copies of these manuals are included in the Guidance folders within the master packs and hence will always be available from the Help menu when you have a client loaded. There are 2 items on the menu that will always relate to the master pack to which the current client is connected:

  • Master pack manual
  • Master pack manual appendix

 

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