Knowledge Coach Content Update Is Now Available

Transcription

1 Knowledge Coach Content Update Is Now Available The latest version of this utility corrects errors occurring in some Knowledge Coach titles through a single update. We recommend that you run the Knowledge Coach Content Update if you have any of these titles already installed in ProSystem fx Engagement Knowledge Based Audits of Commercial Entities- Clarified ( ) 2012 Knowledge-Based Audits of Public Entities ( ) 2012 Knowledge Based Audits of Common Interest Realty Associations Clarified ( ) 2012 Knowledge-Based Audits of Housing and Urban Development Programs - Multifamily Housing - Financial Statements - Clarified( ) 2012 Knowledge Based Audits of Financial Institutions - Clarified ( ) 2012 Knowledge Based Audits of Governmental Entities (7-9-12) *Note that this is not a version update; this utility only corrects errors in your existing titles. You will need to be on Engagement version 6.11 and Knowledge Coach version 1.11 to install this utility. If you have not installed the listed titles onto Engagement, you can download and install the corrected versions dated available now at You must also install the Engagement Release 6.11 and Knowledge Coach Release 1.11 September Update before you download and install any Knowledge Coach titles. For Knowledge Coach 1.11, this update fixes issues that occur when copying Knowledge Coach workpapers from a binder located in one bin into a binder that is located in another bin. It also fixes an issue where certain binders created in an Engagement version prior to 6.8 will not retain all selected answers when updating to the new clarified title versions. Engagement Release 6.11 and Knowledge Coach Release 1.11 September Update is available at : IMPORTANT: This update should be applied to all workstations running Knowledge Coach and Terminal Services Client machines. If you wish to create a login script to deploy this utility to multiple machines, please download the Knowledge Coach Content Update Silent Install.exe Workpaper and Issue Recommended Action

2 table(s) AID-302 Understanding Rev Streams and Rev Recog Policy AUD-101 Overall Audit Program AUD-802 Audit Securities, Derivatives, and Hedging AUD-803 Audit Accounts Receivable and Revenue AUD-806 Audit Intangible Assets Some answers within these workpapers are updating to the wrong questions or not retaining at all Commercial-Clarified title is not installed: Do not install the version, install 2012 Commercial- Clarified version and you will not need to run this utility for this title Commercial-Clarified title is installed but not in use : Apply the utility prior to updating to Knowledge Based Audits of Commercial Entities- Clarified ( ) 2012 Commercial-Clarified title is installed and in use: If you have already updated your title version, contact Technical Support at PFX-9998, option 4 to repair the issue in your updated binders. AUD-807 Audit Property, Equipment and Depreciation AUD-901 Audit Subsequent Events AUD-902 Audit Going Concern

3 AUD-903 Audit Consideration of Fraud AUD-905 Audit Sub Discovery of Facts at the Rpt Date KBA-904 Audit Documentation Checklist KBA-302N: Understanding the Entity and Its Environment Non-Complex Entities Describe your understanding tables in sections III, IV, V and VI KBA-301: Determination Of Performance Tolerable For Trivial Amounts Information in this table incorrectly flows to Significant Change from Prior Year table in KBA- 101: Overall Audit Strategy. The new AICPA Sampling Guide allows the option of the auditor to use either performance materiality or materiality. The change to the form will provide the auditor a better picture of their options around Apply the utility to prevent the answers from flowing to KBA-101. The utility will also correct the error in workpapers that are created in your binders. inserting this workpaper into your binder. If the workpaper has already been inserted into your binder, re-insert and re-enter answers as materiality formulas have changed in this update.

4 materiality. KBA-400: Scoping And Mapping Of Significant Account Balances, Classes Of Transactions, And Disclosures Table 1 Scoping and Mapping COR-204: Audit Engagement Letter KBA-902: Audit Review and Approval Checklist RES-018: Determination Of Performance Some formulas within this workpaper have also been updated. Answers selected in the column Control Understanding/ Testing Workpaper are reverting back to the pre-selected answer when the binder is closed and re-open Enhancements were made to the engagement letter templates based on AU-C 210, Terms of Engagement. Unanswered question diagnostics appear for hidden rows in Engagement Quality Review table. The new AICPA Sampling Guide allows the option of the auditor to use either performance Apply the utility to maintain answer selections. The utility will also correct the error in workpapers that are created in your binders as long as they were not re-opened after answers were selected. If the answers have been selected and the workpaper has been re-opened, re-select responses. inserting this workpaper into your binder. If the workpaper has already been inserted into your binder, re-insert the workpaper. Apply the utility to prevent the diagnostics from showing incorrectly. The utility will also correct the error in workpapers that are created in your binders. inserting this workpaper into your binder. If the workpaper has already

5 Tolerable For Trivial Amounts materiality or materiality. The change to the form will provide the auditor a better picture of their options around materiality. been inserted into your binder, you can remove the word, performance from performance materiality everywhere it occurs. AUD-100: Engagement Level Tailoring Questions AUD X Substantive Audit Procedures On content update, Audit areas selected in AUD-100 become unselected in AUD- 100, KBA-400, KBA-502 and AID-501. Program step incorrectly linked diagnostic regenerates on binder open after the program step is linked and the diagnostic has cleared. updating from the 2011 version to the 2012 version. If you have already updated to the 2012 version, apply the utility before making changes to the audit areas selection in AUD-100 to ensure your data is retained. Apply the utility to prevent the diagnostic from regenerating when the binder is re-opened Knowledge-Based Audits of Public Entities ( ) Workpaper and table(s) KBA-301: Determination Of Performance Tolerable For Trivial Issue The new AICPA Sampling Guide allows the option of the auditor to use either performance materiality or materiality. The change to the form will provide the auditor a better picture of their options around materiality. Some formulas within this Recommended Action inserting this workpaper into your binder. If the workpaper has already been inserted into your binder, re-insert and re-enter answers as materiality formulas have changed in this update.

6 Amounts AUD-100: Engagement Level Tailoring Questions KBA-400: Scoping And Mapping Of Significant Account Balances, Classes Of Transactions, And Disclosures Table 1 Scoping and Mapping workpaper have also been updated. On content update, Audit areas selected in AUD-100 become unselected in AUD- 100, KBA-400, KBA-502 and AID-501. Answers selected in the column Control Understanding/ Testing Workpaper are reverting back to the pre-selected answer when the binder is closed and re-open. updating from the 2011 version to the 2012 version. If you have already updated to the 2012 version, apply the utility before making changes to the audit areas selection in AUD-100 to ensure your data is retained. Apply the utility to maintain answer selections. The utility will also correct the error in workpapers that are created in your binders as long as they were not re-opened after answers were selected. If the answers have been selected and the workpaper has been re-opened, reselect responses. AUD X Substantive Audit Procedures Program step incorrectly linked diagnostic regenerates on binder open after the program step is linked and the diagnostic has cleared. Apply the utility to prevent the diagnostic from regenerating when the binder is re-opened.

7 2012 Knowledge Based Audits of Common Interest Realty Associations Clarified ( ) Workpaper and table(s) Issue Recommended Action KBA-904 Audit Documentation Checklist After updating to 2012 version, the answer for question 16e is incorrectly populated with response from another question Knowledge Based Audits of Common Interest Realty Associations Clarified is not installed: Do not install the version. Install the version and you will not need to run this utility for this title. KBA-301: Determination Of Performance Tolerable The new AICPA Sampling Guide allows the option of the auditor to use either performance materiality or materiality. The change to the form will provide the auditor a better picture of their options around 2012 Knowledge Based Audits of Common Interest Realty Associations - Clarified is installed but not in use: Apply the utility prior to updating to Knowledge Based Audits of Common Interest Realty Associated- Clarified ( ) OR simply review your response for this answer Knowledge Based Audits of Common Interest Realty Associations is installed and in use: If you have already updated your title version, contact Technical Support at PFX-9998, option 4 to repair the issue in your updated binders. inserting this workpaper into your binder. If the workpaper has already been inserted into your binder, re-insert and re-enter answers as materiality formulas have

8 For Trivial Amounts materiality. changed in this update. KBA-400: Scoping And Mapping Of Significant Account Balances, Classes Of Transactions, And Disclosures Table 1 Scoping and Mapping AUD X Substantive Audit Procedures Answers selected in the column Control Understanding/ Testing Workpaper are reverting back to the pre-selected answer when the binder is closed and re-open. Answers selected in 2011 version of table 2, Mapping should updated to the Control Understanding/Testing Workpaper column of the Scoping and Mapping table in the 2012 version. Program step incorrectly linked diagnostic regenerates on binder open after the program step is linked and the diagnostic has cleared. Apply the utility to maintain answer selections. The utility will also correct the error in workpapers that are created in your binders as long as they were not re-opened after answers were selected. If the answers have been selected and the workpaper has been re-opened, re-select responses. Apply the utility to maintain answer selections. The utility will also correct the error in workpapers that are created in your binders. Apply the utility to prevent the diagnostic from re-generating when the binder is re-opened Knowledge-Based Audits of House and Urban Development Programs Multifamily Housing Financial Statements Clarified ( ) Workpaper and table(s) KBA-301: Determination Of Issue The new AICPA Sampling Guide allows the option of the auditor to use either performance materiality or Recommended Action inserting this workpaper into your binder.

9 Performance Tolerable For Trivial Amounts materiality. The change to the form will provide the auditor a better picture of their options around materiality. Some formulas within this workpaper have also been updated. If the workpaper has already been inserted into your binder, re-insert and re-enter answers as materiality formulas have changed in this update. AUD X Substantive Audit Procedures Program step incorrectly linked diagnostic regenerates on binder open after the program step is linked and the diagnostic has cleared. Apply the utility to prevent the diagnostic from re-generating when the binder is re-opened Knowledge-Based Audits of Financial Institutions - Clarified ( ) Workpaper and table(s) KBA-301: Determination Of Performance Tolerable For Trivial Amounts Issue The new AICPA Sampling Guide allows the option of the auditor to use either performance materiality or materiality. The change to the form will provide the auditor a better picture of their options around materiality. Some formulas within this workpaper have also been updated. Recommended Action inserting this workpaper into your binder. If the workpaper has already been inserted into your binder, re-insert and re-enter answers as materiality formulas have changed in this update. AUD X Program step incorrectly linked diagnostic regenerates on binder open after the program step is linked and the diagnostic Apply the utility to prevent the diagnostic from re-generating when the binder is reopened.

10 Substantive Audit Procedures has cleared Knowledge-Based Audits of Governmental Entities for Knowledge Coach (7-9-12) Workpaper and table(s) Issue Recommended Action AUD-100: Engagement Level Tailoring Questions On content update, Audit areas selected in AUD-100 become unselected in AUD- 100, KBA-400, KBA-502 and AID updating from the 2010 or the 2011 version to the 2012 version. If you have already updated to the 2012 version, apply the utility before making changes to the audit areas selection in AUD-100 to ensure your data is retained. Additional Repairs Available in This Utility For Previously Released Titles The Knowledge Coach Content Update Utility also contains corrections that were available in previously released utilities for the following known issues. For more information on these title corrections, please review the following article: File Name: File Size: Approx. Download Time: Platforms: Knowledge Coach Content Update exe 168KB 30 seconds at 56.6 kbps Windows XP SP-3, Windows Vista, Windows 7, Windows Server 2003 SP-2, Windows Server 2007 and Windows Server 2007 R2

11 The Knowledge Coach Content Update can be found at the following link: If you have any questions regarding ProSystem fx Knowledge Coach or the ProSystem fx Knowledge Tools titles, please contact Technical Support at PFX-9998, option 4.