RELEASE UPDATE HISTORY

Transcription

1 RELEASE UPDATE HISTORY PPC s SMART Practice Aids This dcument prvides new and updated items that were included in each release f PPC s SMART Practice Aids. (Each prduct requires a separate license.) Table f Cntents 2017 Release Infrmatin Release Infrmatin Release Infrmatin Release Infrmatin Release Infrmatin Release Infrmatin Release Infrmatin... 10

2 2017 Release Infrmatin Octber 2017 (Patch versin f 2017 annual update) PPC's SMART Practice Aids - Risk Assessment (Versin ) PPC's SMART Practice Aids - Disclsure (Versin ) PPC's SMART Practice Aids - Internal Cntrl (Versin ) PPC's SMART Practice Aids - Field Wrk (Versin ) PPC's SMART Practice Aids - Cmpilatin and Review (Versin ) PPC's SMART Practice Aids - Audit Essential (Versin ) Fixed: The additinal characters appearing n the EBP-CX-13.2 fr firms using SMART Practice Aids with the newer versins f MS Office Fixed: The first page f CX-5.1 and CX-5.6 generating as blank (multiple Checkpint Tls titles affected). September 2017 T ensure cmpatibility with 2018 editins f PPC's Practice Aids when released, all licensed users must install this update f PPC's SMART Practice Aids. In Cmpilatin and Review mdule - User can generate ne frm with all the selected Financial Statement areas r ne frm fr each area separately. CX-1.2, CX-1.3 and CX-15.1 have been updated t be generated as prtrait landscape prtrait frmat fr better user experience. Updated CX-2.1 frm t pull the table infrmatin frm each Checkpint Tl's title cntent t calculate Planning Materiality. Prduct Name and Versin Number has been added t the bdy f the when user clicks n 'Ask a prduct usage questin' under Help menu. The cpyright date has been updated t Updated new TRTA License Agreement Link. This year's enhancements have updated Help files. PPC s SMART Practice Aids Release Update Histry Thmsn Reuters/Tax & Accunting. All Rights Reserved. cmb 9/2017

3 March 2017 (Enhanced versin f 2016 Annual Update) Please install this update t PPC's SMART Practice Aids t prepare fr an updated Financial Statement Materiality Wrksheet fr Planning Purpses that will be released in 2017 editins f PPC's Practice Aids cntent. We've made adjustments in ur benchmark table (Table 1) t prvide fr the effects f inflatin since the table was last updated. The 2016 and prir year table remains unchanged. Imprtant new features in this release fr SMART Audit Suite and SMART Audit Essential Prducts include: 1. CX-2.1 Planning Frm will use new table t calculate Planning Materiality fr engagements using title versin 2017 and beynd and CX-2.1 Planning Frm will use ld table t calculate Planning Materiality fr engagements using title versin 2016 and lder, since the table values has changed fr titles 2017 and beynd. 2. Added new filter questins; 'D yu need t btain a service auditr's SAS 70 reprt fr this engagement' and 'Is this an initial audit' as apprpriate fr 2017 Checkpint Tls titles used in cnjunctin with SMART Practice Aids. PPC s SMART Practice Aids Release Update Histry Thmsn Reuters/Tax & Accunting. All Rights Reserved. cmb 9/2017

4 2016 Release Infrmatin December 2016 (Patch versin f 2016 annual update) This release ccurred t crrect the CX-4.1 usage fr users f SMART Audit Suite with AdvanceFlw as nted belw. If yu d nt use the audit suite in cnjunctin with AdvanceFlw, there is n need t run this update. The wrkpaper reference/mem reference fr CX-4.1 has been crrected fr Audit Suite and AdvanceFlw users All users f SMART Cmpilatin & Review shuld deply this new versin by running a PPC update which crrected the belw: Custmers receiving the message Object Reference Nte set t an instance f an Object has been crrected Custm Financial Statement Areas can nw be generated as part f the Cmbined Appendix 4C frm September 2016 T ensure cmpatibility with 2017 editins f PPC s Practice Aids when released, all licensed users must install this update f PPC s SMART Practice Aids New Diagnstic Links directly frm the diagnstic reprt t review/reslve the data prmpting the diagnstic In an Internal Cntrl enabled engagement, Significant Transactin Class frm will nw display Financial Clse and Reprting alng with audit areas. User will have the ability t select/unselect the Adjusting Freign Currencies transactin class under Financial Clse and Reprting in applicable titles ging frward New Engagement Type Interim Financial Statement Preparatin available with SMART Practice Aids Cmpilatin and Review and FSP - SSARS Preparatin Engagements 1/16 Multiple Audit Prgram Step Sign-ff users will nw be able t sign-ff multiple audit prcedure steps at a time Cmment bx n Risk Assessment frms has been expanded Users may nw create a cmbined Inquiry and Analytical Prcedures Prgrams generated frm SMART Practice Aids Cmpilatin and Review and CAR, CON, DLR, HOA, RST, EBP, NPO, OFS Individual Audit Areas r Financial Statement Areas will nt shw up n the Generatin Mdal if there are n child dcuments underneath Frm SMART, users will nw be prvided with a list f dcuments frm Wrkpapers CS file t link/insert as WP references Users will be able t delete Audit Prgrams frm their engagements (except AP-1 and AP-2) PPC s SMART Practice Aids Release Update Histry Thmsn Reuters/Tax & Accunting. All Rights Reserved. cmb 9/2017

5 Reminder(s) will be displayed at the beginning f Audit Prgrams same as in Checkpint Tls Dcuments fr PCA and PIN titles which allws editrs t explain changes in the assertins fr applicable titles New cmpatibility with 64-bit Office: Prir t updating t a 64-bit versin f Office please ensure all prducts yu currently use are cmpatible with this versin Updated TRTA Sftware License Agreement 2015 Release Infrmatin Octber 2015 T ensure cmpatibility with 2016 editins f PPC s Practice Aids when released, all licensed users must install this update t PPC s SMART Practice Aids. Supprt fr use with Office Supprt fr use with Windws 10 and Micrsft Edge brwser cmpatibility. Help menu item t access prduct training ptins and ask a prduct usage questin. New engagement type fr Financial Statement Preparatin Service in SMART Practice Aids Cmpilatin and Review. Warning is displayed in SMART Practice Aids Cmpilatin and Review that Management-use nly engagements are nt permitted by SSARS 21 fr perids ending n r after December 15, When using PPC s Practice Aids fr Audits f Schl Districts, use f Schl District is referenced as the entity type n generated dcuments. Optin t generate SMART Dcs using SMART Practice Aids Disclsure. SMART Dcs are read-nly dcuments that are nt editable in Wrd. When accessing the generated Disclsure Checklist frm engagement sftware, use the PPC menu in Wrd t Open this Wrkpaper in SMART and make all changes in SMART. Nte disclsures within SMART Practice Aids Disclsure engagement library will generate when linked with Wrkpapers CS in Virtual Office CS. The nte disclsure dcument will be saved t the user s lcal desktp. June 2015 With this update, we have crrected a rllfrward issue that may ccur n engagements using PPC s SMART Practice Aids Internal Cntrl. An engagement created prir t release f 2014 v2 Practice Aids titles (updated fr new COSO requirements) may have experienced an errr during rllfrward t a newer title. PPC s SMART Practice Aids Release Update Histry Thmsn Reuters/Tax & Accunting. All Rights Reserved. cmb 9/2017

6 2014 Release Infrmatin December 2014 A new ptin t assist any firms that prefer t start with a blank audit prgram and build their audit prgram based n risk assessments. By using the new Deselect All Steps ptin frm the Edit menu, auditrs can start with a blank audit prgram and use ur existing SMART Audit Prgram Design feature t build their audit prgrams. SMART Practice Aids Disclsure has been crrected fr issues in preview display f tpic listing and rllfrward f checklist respnses. Octber 2014 T ensure cmpatibility with 2015 editins f PPC s Practice Aids when released, all licensed users must install this update t PPC s SMART Practice Aids. PPC s SMART Practice Aids Internal Cntrl updated fr COSO Internal Cntrl Integrated Framewrk (2013): It is necessary t install 2014 versin 2 editins f PPC s Practice Aids audit titles with this release and t rllfrward client engagements, t enable updated COSO Internal Cntrl. Only licensed prducts will be installed. Nte: this is nt necessary when using PPC s SMART Practice Aids Risk Assessment withut Internal Cntrl. There are n cntent r frm changes in these versin 2 editins. Audits f Nnpublic Cmpanies (2/14) v2 Audits f Lcal Gvernments (2/14) v2 PCAOB Audits (4/14) v2 Audits f Nnprfit Organizatins (2/14) v2 Audits f Financial Institutins (5/14) v2 Cnstructin Cntractrs (6/14) v2 All references t bjectives are updated t principles fr Cmpany Level Cntrls n CX-4.1 Understanding the Design and Implementatin f Internal Cntrl and CX-5 Entity-Level Cntrls. Updated the Rllfrward prcess t accmmdate bjective t principle, mapping cntrls fr ld bjectives t new principles. Cmments and wrkpaper references appear n generated frm CX-4.1 Understanding the Design and Implementatin f Internal Cntrl, questins 13, 14 and 15. PPC s SMART Practice Aids Field Wrk: Optin t generate either a single CX-7.1 Risk Assessment Summary Frm fr all audit areas, r an individual frm fr each audit area. CX-10.1 Test f Cntrls generates in an editable Wrd dcument. PPC s Practice Aids titles display editin dates f each title as MM/YY (previusly displayed as YYYY/MM) t maintain cnsistency with guide editin date. Integratin with Wrkpapers CS, in the CS Prfessinal Suite frm Thmsn Reuters (separately licensed). Users can nw link SMART client engagements t Wrkpapers CS engagement binders and uplad dcuments generated frm SMART client engagements t WrkpaperCS engagement binders. PPC s SMART Practice Aids Release Update Histry Thmsn Reuters/Tax & Accunting. All Rights Reserved. cmb 9/2017

7 2013 Release Infrmatin Octber 2013 T ensure cmpatibility with 2014 editins f PPC s Practice Aids when released, licensed users must install this update t PPC s SMART Practice Aids. Cpy prcedure steps frm prgrams in anther area. Dcument multiple gvernment pinin units fr lcal gvernment audits (enabled with 2014 PPC s Practice Aids fr Audits f Lcal Gvernments). Maintain rder f custm prcedures in prgrams after regenerating the area. Help menu item Shw Me Dems fr learning t use functinality. Imprved audit prgram tailring s nly prcedures based n the selected audit apprach will be cnsidered fr inclusin r exclusin based n respnses t engagement setup questins. Perfrmance ptimized when selecting the radi buttns n the CX-13 frm. Prcedure steps added in Schedule f Federal Awards Audit Prgram will nw stay in the audit prgram. Imprved Dashbard will n lnger include status f wrkpapers frm audit areas excluded frm the engagement. August 2013 Risk Assessment with Internal Cntrl Test Prcedures related t Cmpany Level Cntrls nw display n CX-10.1 Test Prcedures. Risk Assessment with Internal Cntrl Audit Areas nw display in the left navigatin pane. Risk Assessment - Hvering the cursr ver the Objectins in the A/P-1 General Planning Prcedures will display hver text withut errr. Cmpilatin and Review CR-4 Client Infrmatin Frm will nw display respnses in generated dcument in an engagement created with 2013 PPC s Practice Aids fr Audits f Emplyee Benefit Plans. Rllfrward integratin with Engagement CS will prceed withut errr. July 2013 SQL Server 2008 R2 SP2 upgrade nw supprts 10GB database New PPC Data Management Viewer tl can help yu effectively manage yur SMART Practice Aids databases t imprve reliability and perfrmance T launch the PPC Data Management Viewer: In Windws Explrer, brwse t <Prgram Files>\CmmnFiles\PPC\Tls\SpaDmv. Duble-click SpaDmv.exe. PPC s SMART Practice Aids Release Update Histry Thmsn Reuters/Tax & Accunting. All Rights Reserved. cmb 9/2017

8 New ptin t cntinue withut regenerating the audit prgram when a change is made t risk assessment New ptin t remve practical cnsideratins frm audit prgrams, prcedures prgrams, and ther checklists frm generated dcuments (Tls/Optins/Applicatin Settings/General) Integratin with AdvanceFlw (separate license required) AdvanceFlw is the new clud-based engagement slutin frm Thmsn Reuters, designed n the GFileRm platfrm already used by the majrity f Tp 100 accunting firms Fr an engagement integrated with AdvanceFlw, SMART Practice Aids allws yu t launch the SMART Practice Aids Rllfrward prcess frm engagement rllfrward in AdvanceFlw January 2013 Frm CX-8 prgrammed t ppulate prjected misstatement n 2013 frms in Field Wrk. Rllfrward and generatin f frms using PPC s PCAOB Practice Aids in Risk Assessment. Checkpint Tls dcuments inserted in Cmpletin View in Field Wrk. Generatin f Frm CX-7.1 n Windws 8 machines Release Infrmatin Nvember 2012 T ensure cmpatibility with 2013 editins f PPC s Practice Aids when released, licensed users must install this update t PPC s SMART Practice Aids. Yu nw have the ability t use spell check at the dcument level n checklists and practice aids. Spell Check is available frm the Tls menu in SMART. When using yellw nte icn t enter cmments, the cursr will nw default in cmment pp-up bx t begin typing. Yu will n lnger have t first click in the pp-up bx befre typing. Checklists and practice aids are updated t ensure that all input fields are displayed in SMART t allw users t enter data in the fields, r remved input field if nt needed, s that blank input fields are nt displayed in the generated dcuments. Cmments frm Risk Assessment are nw displayed in SMART Design View. Yu nw have the ability in SMART Design View t link risks directly t ne r mre audit prgram steps (and prcedures steps in Cmpilatin and Review). T edit a mem reference in the wrkpaper index clumn f an audit prgram (and prcedures frms in Cmpilatin and Review), select Edit Mem Reference frm the right click menu. Updates will be released t fur PPC s Practice Aids titles t include changes t ensure prper generatin f PPC frms CX-2 and CX-8 in SMART Practice Aids Field Wrk. Integratin with AdvanceFlw: PPC s SMART Practice Aids Release Update Histry Thmsn Reuters/Tax & Accunting. All Rights Reserved. cmb 9/2017

9 AdvanceFlw is the new clud-based engagement slutin frm Thmsn Reuters, designed n the GFileRm platfrm already used by the majrity f Tp 100 accunting firms. Link t an AdvanceFlw engagement when creating a new client engagement in SMART Practice Aids. Link t an AdvanceFlw wrkpaper in a SMART Practice Aids planning frm r audit prgram step. Execute a link t an AdvanceFlw wrkpaper frm a wrkpaper reference link in a generated SMART Dc. September 2012 PPC s SMART Practice Aids Cmpilatin and Review new prduct release. Prvides a right-click menu ptin in Windws Explrer fr pening SMART Dcs fr editing within SMART Practice Aids Integratin with AdvanceFlw, the new clud-based engagement slutin frm Thmsn Reuters, designed n the GFileRm platfrm already used by the majrity f Tp 100 accunting firms April 2012 Befre attempting t rllfrward t 2012 editins f PPC's Practice Aids when released, all licensed users must install this update t PPC's SMART Practice Aids. Splitting the EBP-AP-13 Audit Prgram. This audit prgram had previusly been the catch all audit prgram, cvering all f the remaining areas, such as cash, prperty and equipment, accunts payable, lans payable, and ther expenses. Because sme f these areas are ften nt applicable fr many emplyee benefit plan audits, we split each area int a separate audit prgram. February 2012 Crrected frmatting issues in the generated audit prgrams fr existing engagements. The previus release nly reslved the issue n a g frward basis.. Add cmment in generated audit prgrams nw inserts the cmment as a separate line instead f a new step. Reslved errr received during rll frward when an & is used in a custm audit step. Reslved audit prgram lsing step hierarchy nce yu regenerate a custm audit prgram. PPC s SMART Practice Aids Release Update Histry Thmsn Reuters/Tax & Accunting. All Rights Reserved. cmb 9/2017

10 2011 Release Infrmatin Nvember 2011 Risk Assessment New Streamlined Audits Internal Cntrl Disclsure Field Wrk SMART Start SMART Engagement Setup New Tls menu ptin fr Wrap-up Enhanced rllfrward intact items Diagnstics will nw ignre assertins marked as nt relevant Audit prgram creatin lgic will nw exclude prcedures that nly secndarily prvide assurance New flwchart prvides verview f tp-dwn, risk-based apprach t evaluating internal cntrl ver financial reprting New keywrd search t lcate disclsure nte examples in Firm Libraries and PPC Libraries New Wrkpaper Status Reprt New Tls menu ptin fr Wrap-up Updated wrding in Diagnstics Reprt fr Wrap-up cnsideratins Audit prgram step status will nw change t cmplete after step has been mdified Adding external dcument using right click in wrkpaper index clumn f audit prgram will nw prmpt yu t link the dcument t that step June 2011 Crrected generatin errrs n frms with tables Crrected sampling size calculatin n CX-8 Planning Wrksheet t Determine Extent f Substantive Tests Crrected saving f step 1.d n CX Financial Reprting System Dcumentatin Frm PPC s SMART Practice Aids Release Update Histry Thmsn Reuters/Tax & Accunting. All Rights Reserved. cmb 9/2017

11 March 2011 Multiple instances an engagement will nw nly be pened in ne instance f the SMART applicatin. If yu select Open this wrkpaper in SMART Practice Aids frm the PPC menu in a SMART dc, and the client engagement is already pen in SMART, the pen SMART instance will be used. Engagement Date/Client Name will be ppulated in all generated dcuments. The engagement date can be entered n an existing engagement in a new field in the Edit menu, select Engagement Setup, then Other tab. Audit Prgram Cnclusins the cnclusin step will autmatically be included in Cmpletin and SMART Navigatr views s that it can be signed ff as an audit prcedure. PPC s SMART Practice Aids Release Update Histry Thmsn Reuters/Tax & Accunting. All Rights Reserved. cmb 9/2017