Auditor

Introduction

The Auditor programme is designed to help produce the complete set of working papers that are required for an audit. It will produce the 'Company appointment checklist', 'Systems recording' and 'Business considerations' reports for the permanent file, and will generate reports to record the planning and review stages of the audit as well as the actual audit programmes that are followed for the annual audit file. Where an audit is not required, accounts compilation programmes will be run.

The auditor reports have been updated to include the changes for Clarified ISA’s for periods ending on or after 15.12.2010.

Auditor licence

Although client screen information can be entered without restriction, reports will not be available unless a licence has been purchased to use Auditor. This licence is in addition to that issued in respect of Accounts Production.

For further details please contact IRIS Software Limited:

Telephone:  0844 815 5551

 

Reports

The reports are run within the Accounts Production product. Select Reports | Auditor and decide if you wish to print or view to screen. The required report should then be selected. The main reports are listed below with individual reports that make up these sets listed at the end of these notes.

ISA - Complete sets of forms, programmes etc.

This set would be run each year and includes all of the standard reports required for the annual audit, including:

I06 - Permanent file schedule

This set includes:

IA1 - Accounting records received checklist

IA2 - Company appointment checklist

 

Tailoring the reports for a specific client

The full audit programme will be run using the above reports for a particular client. There will be occasions when a client does not warrant the complete programme and it is possible to omit certain reports if they are not considered relevant or produce a 'mini-audit' version where there is a reduced amount of work necessary in a certain area.

 

How to omit reports

To omit a report a tick should be removed on the client screen to indicate that this report is not required. There is a client screen for each area including the Systems recording and so on and so it is possible to omit any of the Auditor reports in this way.

For example, if the 'Group balances' report is not required for a particular company:

Select the 'Group balances' option.

This will have the effect of preventing the Group balances report being included when the ISA report is run.

 

To produce a mini-audit version of a report

Certain areas within the audit programme have a mini-audit report available where the work required is limited. This can be selected by entering a 'Y' in the appropriate client screen field. For example to have a 'mini-audit' report for VAT for a particular company:

For this client the 'mini-audit' programme will run for "VAT' within the ISA report. This client screen indicates which areas of the audit programme can be replaced with 'mini-audit' programmes.

 

Accounts compilation only

Where no audit is being performed it is still possible to run a set of reports using ISA. This will be a much smaller set of reports, a detailed list of which can be found at the end of these notes.

 

Generating a generic report

The reports provided by Auditor are very comprehensive and run to a large number of pages. It is therefore possible to print the reports without a client name, IRIS reference and accounting date to generate a master copy that could be photocopied rather than having to print the report for each client. To generate a generic set of reports select a client and run the report ISB.

 

Reports in detail

Reports for International Standards of Auditing (ISAs), for account periods beginning on or after 15.12.2010 (reports pre ISAs shown in brackets, these will run automatically dependent upon the period start date):

ISA - Complete Set of Forms, Progs, etc (A00) - Runs I01, I02, I03, I04, I50, I0A, I05, I06

I00 - Index (A10) *

I01 - Financial Statements (A01) - Runs I10-I14

Component reports:

I10 - File Completion Checklist (A11) *

I11 - Audit Standards Review Checklist (A09)

I12 - Going Concern Review (A12)

I13 - Subsequent Events Review (A13)

I14 - Electronic Publication (A82)

I02 - Completion - Runs I20-I24

Component reports:

I20 - Audit Partner's Completion Checklist (A14) *

I21 - Audit Senior's Completion Checklist (A15) *

I22 - Audit Highlights (A16) *

I23 - Points Forward (A17)

I24 - Audit Error Schedule (A18) *

I25 - Laws and Regulations Audit Programme

I03 - Planning (A02) - Runs I30-I38

Component reports:

I30 - Planning Memorandum: Overall Plan (A19)

I31 - Notes of Audit Team Planning Meeting

I33 - Detailed Risk Assessment (A20)

I34 - Specific Risk Summary (NEW)

I35 - Specific Audit Plan (A22)

I36 - Audit Materiality Assessment (A21)

I37 - Independence and Competence Checklist (A23)

I38 - Budget and Staff Allocation (A24)

I04 - Systems and Internal Controls - Runs I45-I47

Component reports:

I45 - Systems and internal Control Programme

I46 - Internal Control Review

I47 - Internal Control Testing

I50 – Detailed Analytical Review

I0A – Accounts [NEW]– Runs IA5 – IA6

Component reports:

IA5 – Nominal Ledger and Opening Balances

IA6 – ESS “Self-review Threat” Audit Programme [NEW]

I05 - Audit Programmes (A03) - Runs I55-I72

Component reports:

I55 - Taxation (A33)

I56 - Corporation Tax Computation Checklist (A32) *

I57 - Share Capital, Reserves and Stat Records (A31)

I58 - Directors' Loan Accounts, Related Parties (A34)

I59 - Intangible Fixed Assets (A35)

I60 - Tangible Fixed Assets (A36)

I61 - Fixed Asset Investments (A37)

I62 - Stocks and Work In Progress (A38)

I63 - Attendance at Stocktake (A39)

I64 - Sales, Debtors and Prepayments (A40)

I65 - Cash at Bank and In Hand (A41)

I66 - Purchases, Creditors, Accruals, Loans (A42)

I67 - Group Balances (A43)

I68 - Hire Purchase and Finance Leases (A44)

I69 - Provisions, Contingencies, Fin Commitment (A45)

I70 - Wages and Salaries (A46)

I72 - VAT (A48)

173 – Using the Work of an Expert [NEW]

I06 - Permanent File Schedule - Runs I07-I09

Component reports:

I07 - Permanent File Index (A99)

I08 - Systems Recording (A07) - Runs I80-I87

Component reports:

I80 - Fixed Assets and Depreciation (A61)

I81 - Stocks (A62)

I82 - Sales and Debtors (A63)

I83 - Cash at Bank and In Hand (A64)

I84 - Purchases and Creditors (A65)

I85 - Group Balances (A66)

I86 - Wages and Salaries (A67)

I87 - VAT (A68)

I09 - Business Considerations, Accounting Matters (A08) - Runs I90-I97

Component reports:

I90 - Business Considerations (A71)

I91 - Fixed Assets and Depreciation (A72)

I92 - Sales, Debtors and Prepayments (A73)

I93 - Cash at Bank and In Hand (A74)

I94 - Purchases, Creditors and Accruals (A75)

I95 - Group Balances (A76)

I96 - Wages and Salaries (A77)

I97 - VAT (A78)

Additional Reports: These are run for Limited Companies and LLP’s but do not form part of the ISA report, however they can be run individually:

IA1 - Accounting Records Received Checklist (A28)

IA2 - Company Appointment Checklist (A81)

IA3 - Audit Risk Assessment (A91)

IA4 - Analytical Review Programme (A92)

* Run within ISA (or A00) when no audit

Where the period end date is on or before the 14.12.2010 additional component reports will be generated using the formats:

I32 - Audit Risk

I71 - Subcontractors (A47)

I44 - Accounts Compilation Planning Checklist (A27)

I78 - Accounts Compilation Programmes

I79 - Work Programme, Accounts Compilation (A49)

ISB - Generic Complete Set of ISA Forms and so on

However, if these components are run for periods ending on or after 15.12.2010 then a warning will be displayed and the production of the report will be abandoned.