Audit Training - Caseware Refresher - June 2013
Caseware Refresher
June 2013

Objectives for today
• What's new in the March 2013 software update.
• Process for roll forward and updating files
• Financial statements – Where to start and some pointers on common
mistakes
• Consolidated caseware files and financials
• Collecting evidence for SUD’s and MLP’s
Audit Training - Caseware Refresher - June 2013

March 2013 Software Update
• Tabs
• Excel and Word – “Open in New Instance”
• Annotation Toolbar
• Enhancements to issues
• Journal entries
Audit Training - Caseware Refresher - June 2013

March 2013 IRFS Template Update
• Change to entity types
If you have previously used one of the entities above noted in above, you will need to choose an appropriate alternative
entity within the Financial Statement Options document. When returning to the Financial Statements, ensure you click No
when the below message appears.
Audit Training - Caseware Refresher - June 2013
Entity Name Change
DO NOT USE - Unit Trust (reporting) Activation code required– please use Trust (special purpose)
DO NOT USE - Unit Trust (non-reporting) Activation code required– please use Trust (special purpose)
DO NOT USE - Discretionary Trust (reporting) Activation code required– please use Trust (special purpose)
DO NOT USE - Sole Trader (reporting) Activation code required – please use Sole Trader
DO NOT USE - Partnership (reporting) Activation code required – please use Partnership
DO NOT USE - Joint Venture (reporting) Activation code required – please use Joint Venture (special purpose)
University New entity March 2013 – Activation code required

March 2013 IRFS Template Update - Continued
• New Content
• Accounting policies
• Notes to financial statements
Audit Training - Caseware Refresher - June 2013
• Inventories • Construction work in progress
• Property, Plant and Equipment • Borrowing costs
• Financial Instruments • Goods and services tax
• Impairment of assets • Foreign currency translation
• Cash and Cash Equivalents • Government grants
• Share Capital • Adoption of new and revised accounting standards
• Income Taxes • New accounting standards for application in future periods
• Provisions – Provision for carbon tax
• Issued Capital – Capital Management (replaces old content)
• Financial Risk Management (replaces old content)
• Property, Plant and Equipment – Movements in carrying amounts of PPE (replaces old content)

March 2013 IRFS Template Update - Continued
• Financial Enhancements
• Balance check
• Unreconciled difference row
• New right click items for numeric cells
• Adjusting journal entries
• Drilldown to filtered trial balance
• Activation codes – restrictions to some entity types
• File size reduction
Audit Training - Caseware Refresher - June 2013

Current Release Versions
The following release versions are the current distributed by CaseWare A&NZ:
• CaseWare Working Papers (2013.00.043)
• CaseWare Working Papers Smart Sync (2013.00.043 )
• Audit System (13.00.138)
• FinancialsIFRS (10.30.161)
Audit Training - Caseware Refresher - June 2013

Caseware Year End Close and File Update
Summary of steps to roll forward and update a caseware file
PART 1 – Roll forward
1. Take a copy of last year’s file on to your C:/ drive.
2. Perform a year end close (Roll forward).
3. Open the Roll forward file and check the versions by typing “VR” in the browser.
4. If the file has been marked as completed no version information will be available.
5. At the top of this document, untick “This client file is marked as complete”.
6. You should now be able to view the version information.
7. Type CQ in the Document manager if updates are available a box will pop up asking if you would like to update this file,
click update.
Audit Training - Caseware Refresher - June 2013

Caseware Year End Close and File Update
8. When the below dialog shows up, click Yes
9. Click OK in the next two dialogue boxes.
10. Close the roll forward file.
Audit Training - Caseware Refresher - June 2013

Caseware Year End Close and File Update
PART 2 – Creating new file using roll forward file
11. Open Caseware and “Create a new file using existing data”.
12. Use the Roll forward file you created in PART 1 above to create this new file.
13. Make sure that you are using the correct template. To confirm that you using the right template, right click and click on
properties.
14. The template that should be used “AUDIT SYSTEM.”
15. At the end of the creation a box will pop up asking you “Full” or “Condensed” click “FULL”.
PART 3 – Copying financials into the new file
16. Go to file “Copy components”.
17. Select “Copy into this file”.
18. Go to the tab called” “FILE”.
19. Select the roll forward file you created in PART 1 above.
20. Under the components tab tick “Documents”.
21. Under the documents tab click “deselect all” then manually select “Financial Report” and “IFRS control documents”
folder.
22. Once copied go to VR and check your versions.
Audit Training - Caseware Refresher - June 2013

Caseware Year End Close and File Update
PART 3 – Copying financials into the new file - Continued
23. The versions to check are the following:
– Financial IFRS – 10.30.161 FSIFRS - Financial Statements Ver:118
– Audit System – 13.00.138 CQ – Firm Settings Ver: 79
If your versions are still not correct, repeat steps 7 -9.
Once complete you should have all the correct updated versions as noted in point 21.
Audit Training - Caseware Refresher - June 2013

Caseware Year End Close and File Update
PART 4 – Update the file for work papers and mapping
24. Go to file “Copy components”.
25. Select “Copy into this file”.
26. Go to the tab called” “TEMPLATE”.
27. Select “FinancialIFRS” and click next.
28. Under the components tab tick “Documents”.
29. Under the documents tab click “deselect all” then manually select the following documents
a. 25-135 - Graphs and Ratios
b. 30-302 - Adjusting journal entries – unrecorded (factual)
c. 30-306 - Adjusting journal entries – unrecorded (judgemental)
d. 30-310 - Adjusting journal entries – all
e. 30-480 - Trial Balance by mapping number – All
f. 30-481 - Trial Balance by mapping number – Balance Sheet
g. 30-482 - Trial Balance by mapping number – Income Statement
30. Under the components tab tick “Groupings/Mapping”.
31. Tick Mapping and click the top “Options” button.
32. Select Merge source file’s mapping structure (new numbers are added).
33. Click Select All.
34. Click OK
35. Click Next, Next and Finish
Important
If you have modified the properties of any mapping numbers (for example, the extended descriptions) and you wish to retain
these, un-tick the appropriate properties in the screen above. Otherwise, these modifications will need to be re-done.
Audit Training - Caseware Refresher - June 2013

Financial Statements
• Method to insert new financials
• Conceptual framework – Framework for the Preparation and Presentation of Financial Statements
• Small Pty Ltd vs. Large Pty Ltd
• Assets greater than $12.5 m
• Revenue greater than $25m
• Employees greater than 50
• Special Purpose vs. General Purpose
• All reporting entities have to prepare general purpose financial statements
• Definition of reporting entity (SAC 1, para.40)
• “ Reporting entities are all entities (including economic entities) in respect of which it is reasonable to expect the
existence of users dependent on general purpose financial reports for information which will be useful to them for
making and evaluation decisions about the allocation of scarce resources.”
• Examples of General Purpose
• Listed companies
• Companies Limited by Guarantee
• Not for Profit Organisations
• Special purpose – All other non reporting entities
• Financial Statement options
Audit Training - Caseware Refresher - June
2013

Financial Statements - Continued
• Minimum disclosures required
• AASB 101 – Presentation of financial statements
• AASB 107 – Statement of cash Flows
• AASB 108 – Accounting Policies, Changes in Accounting Estimates and Errors
• AASB 1054 – Australian Additional Disclosures
• Compliance with Australian Accounting Standards
• Reporting Framework
• General or Special Purpose
• Audit fees
• Imputation Credits
• Reconciliation of Net Operating Cash Flow to Profit (Loss)
• Insert Accounting policies and Tailor Accounting policies
• At a minimum an accounting policy is required for all material items in the financial report
• Formatting issues
Audit Training - Caseware Refresher - June 2013

Consolidated Financials
• Two methods for creating consolidated caseware files
• Single caseware file with multiples trial balances and multiple financial statements
• Separate caseware file for each entity including parent entity
• Example of each method
Audit Training - Caseware Refresher - June 2013

This document contains information in summary form and is therefore intended
for general guidance only. It is not intended to be a substitute for detailed
research or the exercise of professional judgement. It does not purport to be
comprehensive or to render professional advice. The reader should not act on
the basis of any matter contained in this publication without first obtaining
specific professional advice.
We believe that the statements made by us in this document are accurate but no
warranty of accuracy or reliability is given. Our conclusions are based on
interpretations of accounting standards and other relevant professional
pronouncements and legislation current as at the date of this document. Should
the interpretations, accounting standards, other relevant professional
pronouncements or legislation change, our conclusions may not be valid. We are
under no obligation to update the matters considered in this document after its
publication.
© Hanrick Curran, June 2013
All rights reserved
Disclaimer
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professional Standards Legislation

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Audit Training - Caseware Refresher - June 2013
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Hanrick Curran
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