Mercia Charity Packs v15
Obtaining and installing the update
Downloading
Click here and then select MERCIA: Charity 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.
Installing
- Click on [Start] and then on Run...
- Enter C:\TEMP\MERCIA_Charities_Master_Packs_v15.exe, or select the file using the [Browse] button, and click on [OK].
- 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:
MERCHA15 | Mercia Charity Audit Pack v15 |
- 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. MERCHA14 to MERCHA15, 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. IMER16 to MERCHA15, select the option to Clear the current customised 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 this update 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.
Reporting on irregularities, including fraud
Following the ICAEW publication of 'How to report on irregularities, including fraud, in the auditor’s report - Guide for auditors reporting for the first time' in April 2021 and the comment that 'how the auditor developed their explanation, and the areas considered, would be expected to be documented in the audit file', we have added a new A29 Reporting on irregularities, including fraud in the auditor's report in the Audit Methodology and also an additional test on A21 for the RI to confirm their approval.
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.
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.
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
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.