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Why CaseWare?

Why CaseWare?. Quality & Efficiency Automates the methodology Improves consistency between years and across engagements Enhances the focus on risk People Attracting the best people Enhancing skills and understanding of client/process Clients Demonstrates commitment to global quality

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Why CaseWare?

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  1. Why CaseWare? • Quality & Efficiency • Automates the methodology • Improves consistency between years and across engagements • Enhances the focus on risk • People • Attracting the best people • Enhancing skills and understanding of client/process • Clients • Demonstrates commitment to global quality • Middle market internationally active clients value global consistency

  2. Why CaseWare? • Small and large company versions • Separate templates for complex and less complex companies • Elements of scaling will be used within the templates • Subject to risk based criteria • Risk based planning tool • Enhances the effectiveness and documentation of planning • Automation of audit response • Improves relevance of audit programmes • Easier for partners to review and sign-off on planning • Flexible & tailored audit programmes • Ability to tailor audit programmes

  3. Why CaseWare? • Full audit trail of changes • Automatically records changes to documents • Identifies personnel through login details • File review and lock-down • File review and track changes functionality • Files can be locked down • Restricted access and security features • Encryption of data • Synchronisation and networking • Ability to synchronise in real-time • Via local hub, network or internet

  4. Why CaseWare? • Integrates to TB, accounts preparation and tax software • TB integrates to lead schedules and analytical analysis • TB integrates to accounts preparation templates • Local distributors develop statutory account and tax packages

  5. Agenda • Small and large company versions • Starting point • Audit methodology and automation • Training • Licensing • Technical specifications • Maintenance • Timing • Demonstration

  6. Complex and less complex company versions • Recognition of the attributes of smaller companies • Less complex transactions and business processes • Limited or no reliance on controls • More reliance on tests of detail • Separate versions for Complex and Less Complex clients • Complex company version will accommodate listed, interim reviews, groups and consolidations • Both versions are risk based

  7. Starting point • CaseWare Steering Group • Evaluation of US and Canadian systems • Functionality • User friendly • Audit methodology • Development risks - reprogramming • Adapt Canadian system for international use • Ensure US functionality is included • Common platform is achievable • CaseWare Development Team

  8. Audit methodology and automation • RSM International audit methodology • No methodology training required • Certain steps within the audit methodology become automated (If X, then Y) • Results in better application of the audit methodology and consistency

  9. Training • Audit 1 & 2 courses will be updated to include specific training on the use of CaseWare • Existing partners and staff will receive a two or three day CaseWare user course • RSM International will support these course materials and will run train-the-trainer courses and web-casts • Help available to answer your questions

  10. Licensing • Global licence OR • National pricing and contracts • Leverage volume discounts • Year one fee – between U$300 and U$500 per user • Ongoing license (50% of year one)

  11. Technical specifications • MS Windows XP Professional • MS Windows 2000 Professional • Pentium III processor • 256MB of RAM • Program files are 150MB • Engagement files are 40MB or 10MB when compressed • MS Internet Explorer 5.5 • Adobe Acrobat Reader 5.0 • MS Office 2000 Service Pack 3

  12. Maintenance • Global CaseWare Quality Team, with National Champions • Updates prompted by regulatory change, CaseWare Quality team initiatives, user feedback or external advice • Updates limited to one per year, unless critical • Updates provided globally, with guidance on local implementation • Updates will include staff training materials and guidance

  13. Timing • Now to Mar – Internationalisation of template • Apr to May – Testing • May to Jul – Release of version 2008.1 • Jul to Aug – Support for national amendments • Aug to Nov – Partner and staff training • Nov to Dec – Planning engagements • Jan onwards – In use

  14. Financial Statement 200 Client Acceptance & Continuance 300 Pre-planning Entity Level Risk Assessment (Fraud, Account) Cycle Systems and Controls / Risk Assessment 311 Revenue Cycle (followed by Inventory etc.) 311S.1 Control Documentation 311.200 Control Documentation Questionnaire 311.300 Segregation of Duties Assessment 311.400 Risk Control Matrix 311.500 Test of Controls 380 Summary of Risk of Material Misstatements 400 Planning Team Planning Materiality Determination Material / Significant Risk Assessment 500 & 600 Conduct of Audit 700 Completion and Reporting Audit Procedures Fixed assets Accounts Receivables Cash Etc… Small file structure

  15. Risk Assessment flowchart Calculate materiality Business, fraud and Accounting risk assessment Trail balance MAP 420 RMA populated from TB Assess if line items are material or significant MAP 380 RA High or Low Risk assessment Financial statements created Audit programme i.e. Accounts Receivable Review tables for High or Low risk Required Analytics (must do)Required Procedures (must do)Create Analytics (optional)Create Detailed Procedures (optional)

  16. Demonstration 300.MO • Overall structure • Simple file structure • Follows flow of work • Includes non-mandatory • forms 340.MO 311.300 420.MPQ 520.10 710.MPO 740.MO 760.MP Accounts receivable

  17. Demonstration • Understanding entity • Tabs for different areas • Guidance toggle • Considers each account • A number of areas • covered in detail

  18. Demonstration • Understanding entity • MS Word template • inserted

  19. Demonstration • Revenue cycle • Segregation of duties • Common areas • highlighted

  20. Demonstration • Preliminary AR • Pre-populated • Describe risks • RMM balances

  21. Demonstration • Planning - RMA • Considers each account • Determines audit • approach

  22. Demonstration • Conduct of the audit • Pre-formatted

  23. Demonstration • Completion • Pre-populated • Classification

  24. Demonstration • Completion • Key issues • Comments • Response

  25. Demonstration • Completion checklist • Many areas covered • Manager sign-off • Partner sign-off

  26. Demonstration • Accounts receivable • Pre-populated lead • schedule • Adjustments • Reclassifications

  27. Demonstration • Audit programme • Required AR

  28. Demonstration • Audit programme • Additional AR

  29. Demonstration • Audit programme • Required tests of detail

  30. Demonstration • Audit programme • Additional tests of detail • Toggle step

  31. Demonstration • Audit programme • Comments

  32. Demonstration • Audit programme • Pre-populated AR

  33. Demonstration Overall structure

  34. Summary • Quality • Efficiency • Consistency • Cutting edge technology • Attracting people and clients • Moving forward together

  35. Thank you • Thank you for your attention and participation • Questions?

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