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1 Probe

2 Content (Click to navigate) Probe Section A: Executive summary Probe MMX 6 Technical enhancements 6 Compliance Changes (major changes) New and Revised Auditor Reporting Standards 6 Revised Auditor s Report 7 Going Concern 7 Key Audit Matters 7 Revised Audit Engagement Letter 8 Auditor s Responsibility relating to Other Information Addressing Disclosures in the Audit of Financial Statements Audit Procedures relating to International Financial Reporting Standards: Probe MMX Recog & Measurement (IFRS) only 11 Content enhancement making compliance easier 11 Section B: Detailed Probe MMX compliance changes (major changes) 13 Planning Engagement Evaluation (major change - compliance) Engagement letter (major change - compliance) Discussions with those Charged with Governance (major change - compliance) Gathering Information (major change - compliance) Overall materiality assessment (major change - compliance) Inherent risk assessment (major change - compliance) 17 Page 2

3 Content (Click to navigate) Fraud risk assessment (major change - compliance) Control activities design and implementation (major change - compliance) Risk assessment at assertion level (Major change compliance) Planning Memorandum (Major change compliance) 20 Execution 22 Work Programs (Major change - compliance) Financial Statement Preparation (Major change compliance) 22 Finalisation Partner Sign-off (major change - compliance) Key Audit Matter (NEW) (Major change compliance) Going Concern Conclusion (Major change compliance) Evaluation of misstatements (Major change compliance) EQCR Checklist (Major change compliance) Report to Management and Those Charged with Governance (Major change compliance) 25 Probe MMX Premium Consideration of Audit Report (major change - compliance) Manager s final checklist (major change - compliance) 26 Probe MMX Recog & Measure (IFRS) Group Companies (major change - compliance) Property, plant and equipment (major change - compliance) Intangible Assets (major change - compliance) Revenue (major change compliance). The following procedures were added: 27 Probe MMX Recog & Measure (IFRS for SME) 28 Page 3

4 Content (Click to navigate) Revenue (major change compliance). The following procedures were added: 28 Other Changes to Probe MMX, Probe MMX Premium, Probe MMX Recog & Measurement (IFRS and IFRS for SME) (minor changes) 28 Probe Compilations Letter of representation Compilation engagement evaluation 29 Summary of documents being updated 30 Probe MMX Audit: Key Audit Matters 32 Contact CQS 33 Page 4

5 Section A: Executive summary Probe MMX Technical enhancements The Probe MMX 2016 template provides enhanced update functionality that will enable the firm and/or user in the future to update their firm template or engagement file with only the relevant changes to work programs, whereas up until now work programs were replaced. For this release we distinguish between major and minor changes. y Major changes are compliance changes and improvements to make compliance easier that will automatically be updated. The revised or new procedures or documents will be added to the firm template and/or existing engagement file. y Minor changes are optional changes which include improvements in documents or correction of bugs. The firm and/or user will have an option to insert the document. In this instance client data and customization in the document will be lost. Refer to Annexure A for a summary of documents that are being updated. Compliance Changes (major changes) The template release contains various compliance changes brought about by: y The new and revised auditor reporting ISAs and related conforming amendments (insert link to 2.1), y The clarification of the auditor s work in relation to disclosures (insert link to 2.2), y Revised International Financial Reporting Standards (insert link to 2.3), and y Content enhancement making compliance easier (insert link to 2.4). A summary of the resultant impact on the template has been provided below. 2.1 New and Revised Auditor Reporting Standards The template release contains various compliance changes brought about by the new and revised auditor reporting ISAs (ISA 700, ISA 701, ISA 705, ISA 706, ISA 570, ISA 260) as well as the conforming amendments to other ISAs as a result of the new and revised auditor reporting ISAs (ISA 210, 220, 230, 510, 540, 580, 600, 710, 720). The new and revised Auditor Reporting standards are effective for audits of financial statements for periods ending on or after 15 December General y The relevant documents will be updated (refer Annexure A) to incorporate procedures relating to the new and revised auditor reporting standards based on: The year-end of the auditee Year-end before 15 December 2016 Existing procedures Year-end on or after 15 December 2016 New and revised procedures A decision to early adopt the revised standards (including the revised Auditor's Report). y The following area of Probe MMX was impacted: Engagement Evaluation Read more Page 5

6 Revised Auditor s Report y Summary of key changes to the Auditor s Report mandatory for all audits The y Opinion section required to be presented first, followed by the Basis for Opinion section, unless law or regulation prescribes otherwise (ISA 700). Enhanced auditor reporting on going concern (GC), including Description of the respective responsibilities of management and the auditor for GC; A separate section when a material uncertainty exists, and is adequately disclosed in the financial statements, under the heading 'Material Uncertainty Related to Going Concern' (ISA 570). Affirmative statement about the auditor s independence and fulfilment of relevant ethical responsibilities, with disclosure for the jurisdiction of the origin of those requirements of reference to the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (ISA 700). Enhanced description of the responsibilities of the auditor and key features of an audit (ISA 700). Other Information or other appropriate heading to provide transparency on the auditor s work relating to other information (revised ISA 720). y Key change to the Auditor s Report mandatory for listed entities (and the audits of Collective Investment Schemes and Medical Schemes in South Africa) A new section in the auditor s report to communicate key audit matters (KAM) (ISA 701). The description of KAM is always required to include: Why the matter was considered to be one of most significance in the audit and therefore determined to be a KAM; How the matter was addressed in the audit; and Reference to the related disclosure(s). y The following areas of Probe Premium was impacted: Consideration of Audit Report Read more Going Concern y Enhanced auditor reporting on going concern (GC), including: A separate section when a material uncertainty exists, and is adequately disclosed, under the heading Material Uncertainty Related to Going Concern ; and Requirement to challenge adequacy of disclosure for close calls in view of the applicable financial reporting framework when events or conditions are identified that may cast significant doubt of an entity s ability to continue as a GC. y The following area of Probe MMX was impacted: Going Concern Conclusion Read more y The following area of Probe Premium was impacted: Consideration of Audit Report Read more Key Audit Matters y KAM are those matters that, in the auditor s judgement, were of most significance in the audit of the currentperiod financial statements. Mandatory for audits of financial statements of listed entities, voluntary application Page 6

7 for entities other than listed entities. In South Africa, it is also mandatory for audits of Collective Investment Schemes and Medical Schemes. y The auditor s responsibility to communicate key audit matters in the auditor s report in accordance with ISA 701 was included in the Engagement letter (ISA 210). y The conclusions reached by the engagement team in formulating the auditor s report to include: The key audit matters to be included in the auditor s report; The key audit matters that will not be communicated in the auditor s report; and If applicable, depending on the facts and circumstances of the entity and the audit, that there are no key audit matters to communicate in the auditor s report. y The following areas of Probe MMX were impacted (refer to the flow diagram in Annexure XX): Engagement Evaluation Read more Engagement letter Read more Gathering information Read more All work programs conclusion paragraph Read more Partner sign-off Read more Key Audit Matters (New) Read more EQCR Read more Report to Management and Those Charged with Governance Read more y The following areas of Probe Premium were impacted: Consideration of Audit Report Read more Manager s final checklist Read more Revised Audit Engagement Letter y The example of an Audit Engagement Letter in ISA 210 has been revised. y The following areas of Probe MMX were impacted: Engagement letter Read more Auditor s Responsibility relating to Other Information y The scope of Other Information was broadened and clarified by relating it to the concept of an annual report. y The auditor s work effort was enhanced and explained, inter alia to include: Obtain in a timely manner the final version of the other information. Read the other information and consider whether a material inconsistency exists between the other information and The financial statements, and The auditor s knowledge obtained in the audit. The auditor is required to compare selected amounts or other items in the other information with such amounts or other items in the financial statements. Remain alert for indications that the other information appears to be materially misstated in comparison to the financial statements and the auditor s knowledge. Introducing documentation requirements in terms of which the auditor includes in the audit documentation: The procedures performed regarding the Other Information, The final version of the other information on which the auditor has performed the work. Page 7

8 y The following areas of Probe MMX were impacted: Financial statement preparation work program Read more y The following areas of Probe Premium were impacted: Consideration of Audit Report Read more 2.2 Addressing Disclosures in the Audit of Financial Statements The template has been updated in response to the revised ISAs and application material to the ISAs (ISA 200, ISA 210, ISA 260 (Revised), ISA 300, ISA 315 (Revised), ISA 320, ISA 330, ISA 450, ISA 00 (Revised)), published by the IAASB in July 2015 Addressing Disclosures in the Audit of the Financial Statements. The aforementioned revised standards are effective for audits of financial statements for periods ending on or after 15 December The template will be updated with the revised procedures, irrespective of year end of the auditee, as the majority of the amendments to the standards relates to clarifying the auditor s work in relation to disclosures, The additional guidance in the application material to the above mentioned ISA, clarify and/or emphasize the work the auditor is required to perform in relation to disclosures, inter alia: a. Encourage management to provide information for disclosures earlier in the audit process. b. Consider whether there is intentional misstatement of disclosures that may constitute fraud. c. Communicate with those charged with governance regarding financial statements and disclosures earlier in the audit process. d. Consider disclosures earlier in the audit process. e. Consider the information in disclosures obtained from outside of the general and subsidiary ledgers in the planning process. f. Consider qualitative disclosures when materiality is determined. g. Reconcile the information in the financial statements to audit evidence. h. Consider the adequacy of the presentation and disclosure in the financial statements. i. Accumulate and evaluate the misstatements in disclosures. j. Evaluate the financial statements. Page 8

9 y The following areas of Probe MMX were impacted: Document reference Document description Auditor s responsibility clarified and/or emphasized Engagement letter Encourage management to provide information for disclosures earlier in the audit process Discussions with those charged with governance Communicate with those charged with governance regarding financial statements and disclosures earlier in the audit process. Consider disclosures earlier in the audit process Overall materiality assessment Consider qualitative disclosures when materiality is determined Inherent risk assessment Consider disclosures earlier in the audit process Fraud risk assessment Consider whether there is intentional misstatement of disclosures that may constitute fraud Control activities design and implementation Consider disclosures earlier in the audit process. Consider the information in disclosures obtained from outside of the general and subsidiary ledgers in the planning process Planning Memorandum/ Audit Strategy Consider disclosures earlier in the audit process Planning Memorandum/ Planning meeting notes Consider whether there is intentional misstatement of disclosures that may constitute fraud Financial statement Preparation Reconcile the information in the financial statements to audit evidence. Evaluate the financial statements Evaluation of misstatement Accumulate and evaluate the misstatements in disclosures. The description of the assertions were revised to integrate audit procedures for disclosures with account balances and transactions. Combined assertion: Classes of Transactions and related disclosures Account Balances and related disclosures Description Completeness C Completeness Completeness Everything that should have been recorded have been recorded, and all the related disclosures that should have been included in the financial statements have been included. Page 9

10 Existence and Occurrence Rights and Obligations Accuracy, valuation and allocation EO Occurrence Existence Everything that is recorded or disclosed in the financial statements exist or has occurred and pertains to the entity. RO N/A Rights and All liabilities, assets and rights to assets (in the obligations form of a hold or control) are the property or obligation of the entity. VA Accuracy Accuracy, valuation Amounts, assets, liabilities and equity interests Cut-off and allocation have been recorded at appropriate amounts and Classification Classification any resulting valuation or allocation adjustments Presentation Presentation have been appropriately recorded, and related disclosures have been appropriately measured and described (are relevant and understandable). Furthermore everything has been allocated to the proper accounts and appropriately aggregated or disaggregated and recorded in the correct accounting period 2.3 Audit Procedures relating to International Financial Reporting Standards: Probe MMX Recog & Measurement (IFRS) only y Group Companies. The procedure relating to accounting for investments in subsidiaries, associates and joint ventures has been updated to include the equity method as an appropriate method of accounting for such investments in the separate financial statements (Equity Method in Separate Financial Statements (Amendments to IAS 27)). Content enhancement making compliance easier The following areas of Probe MMX were impacted: y Engagement evaluation. Added a question to determine whether the entity is a Public Interest Entity (PIE). To inter alia determine whether audit tenure should be disclosed in the Auditor s Report. y Management Override of Controls Fraud risk assessment. The fraud risk relating to management override of controls was amended to include consideration of the three circumstances when ISA requires the auditor to design and perform audit procedures, namely Testing the appropriateness of journal entries. Review accounting estimates for biases. Review the business rationale of significant transactions that are outside the normal course of business Gathering of information. A procedure was added to prompt the auditor to consider whether there is a significant transaction outside the normal course of business (other than with related parties). Guidance Page 10

11 was added to remind the auditor that when such a transaction is identified, the auditor should evaluate the business rationale of the transaction as required by ISA Inherent risk assessment. Guidance text was added to remind the auditor to review the accounting estimates for biases and evaluate whether the circumstances producing the bias represent a risk of material misstatement due to fraud. When such an instance is identified, a significant risk should be recorded Risk assessment at assertion level/other/accounting records. Per ISA the override of controls, which include journal entries, is a risk of material misstatement due to fraud and therefore is a significant risk. The aforementioned risk is now prepopulated in the template Accounting records/journal entries and year-end adjustments. The required procedure was amended to include the testing of a sample of other non-material yearend journals y Revenue. The completeness procedure was amended to clarify that the auditor is required to follow the selection of transactions through to the debtor s account in the debtor ledger and ensure that it was allocated to the correct debtor y Payroll. A procedure was added and another edited to check submission of statutory returns and calculation of statutory deductions respectively y EQCR Checklist. A procedure was amended to prompt the EQCR that the review must be completed prior to the issue of the audit report and to document it as such y Property, plant and equipment. The procedure to test completeness of Property, plant and equipment, i.e. the physical assets test, was included under required procedures. The following areas of Probe MMX Recognition and Measurement (IFRS) were impacted: y Property, plant and equipment. The procedure relating to impairment was amended to indicate the timing of the assessment by management in accordance with IAS y Intangible Assets. Procedures relating to amortisation and impairment were amended to indicate the timing of the assessment by management in accordance with IAS 38 and IAS 36 respectively y Revenue. Additional procedures relating to initial recognition of revenue and revenue received as an agent on behalf of others were added. The following areas of Probe MMX Recognition and Measurement (IFRS for SME) were impacted: y Revenue. Additional procedures relating to initial recognition of revenue and revenue received as an agent on behalf of others were added. Page 11

12 Section B: Detailed Probe MMX compliance changes (major changes) Planning Engagement Evaluation (major change - compliance) Included a procedure to elect early adoption of the new and revised auditor reporting standards as well as the conforming amendments to other ISAs. When the new and revised Auditor Reporting standards is relevant based on the year-end of the auditee or when early adoption has been elected (in 10.20), the auditor will be required to answer a question whether Key Audit Matters will be presented in the auditor s report. Guidance has been provided to indicate in which instances the KAM is mandatory. When the entity type is selected as listed, the answer to the question will be populated. Added a question to determine whether the entity is a Public Interest Entity (PIE). The procedure is only applicable when the country of incorporation is selected as South Africa. Page 12

13 10.21 Engagement letter (major change - compliance) The content of the engagement letter was aligned with the Example of an Audit Engagement Letter included as per Appendix 1 in the revised ISA 210, agreeing the Terms of Audit Engagements. Inserted a paragraph with regards to the requirement for the auditor to communicate key audit matters in the auditor s report in accordance with ISA 701. The paragraph will by default be switched on, even in the circumstance when the auditor is not required to communicate key audit mattersisa 210 states that it may be helpful for the auditor to make reference in the terms of the audit engagement to the possibility of communicating key audit matters in the auditor s report. The user is able to hide the paragraph. Content in the Responsibilities of management paragraph was edited to request management to provide information relevant to the preparation of the financial statements, including information relating to disclosure Discussions with those Charged with Governance (major change - compliance) The questions to those charged with governance and/or management relating to obtaining an understanding of the accounting policies, estimates and significant, unusual and complex transactions, were edited and added to emphasize that the understanding should address disclosures as well as changes in the accounting framework, policies and disclosures. Extract relevant to Small Profile (content of Large Profile is similar) Page 13

14 Procedures were edited to determine the assessment by those charged with governance of the risk that the financial statements, including the disclosure, may be materially misstated due to fraud. Extract relevant to Small Profile Extract relevant to Large Profile Gathering Information (major change - compliance) In the instance where KAM will be presented in the Auditor s report (as indicated on 10.20), a procedure is inserted to consider whether any KAM s were identified in the prior period. A definition of KAM is provided as well as guidance on what should be considered as a KAM. The Record Risk Button has been updated to include the functionality to record a KAM throughout the file. Page 14

15 The information recorded will be summarised in a new work program Key Audit Matters. A procedure was added to consider whether there was instances in the prior year where audit procedures were difficult to perform, including procedure relating to disclosure. A procedure was added to consider whether there was significant transactions (other than with related parties) that are outside the normal course of business. Page 15

16 10.60 Overall materiality assessment (major change - compliance) Added guidance with regards to what information is considered to be qualitatively material Inherent risk assessment (major change - compliance) Procedures relating to obtaining an understanding of the nature of the entity, including accounting policies, were edited to emphasize that the understanding should address also disclosure. Page 16

17 Examples of disclosures that will have qualitative aspects and that may be relevant when assessing the risks of material misstatements are included in the Large Profile: Extract relevant to Large Profile Fraud risk assessment (major change - compliance) Inserted an additional consideration under opportunity to determine whether there is an opportunity for intentional misstatement of disclosures that may constitute fraud. Extract relevant to Large Profile Extract relevant to Small Profile Page 17

18 The prepopulated risk, "Management override of controls", were amended to include the three circumstances when ISA requires the auditor to design and perform audit procedures. Proposed audit procedures for the three instances were included as guidance. The auditor needs to consider the relevance and completeness of these procedures Control activities design and implementation (major change - compliance) New prompts were added to Other/Financial Statement Preparation to emphasize that the understanding obtained should include the process management used to identify and prepare the disclosure in the financial statements. Page 18

19 Examples of information obtained from outside of the general and subsidiary ledgers is provided Risk assessment at assertion level (Major change compliance) The risk of material misstatement of financial statements due to fraud with journals is prepopulated in the template Planning Memorandum (Major change compliance) The paragraph relating to Communication to {those charged with governance} about the planned scope and timing of the audit was updated to include the communication of significant risks identified during the planning process. ISA 260 par 15 requires that the auditor communicate to those charged with governance the planned scope and timing of the audit, which include communication of the significant risks identified by the auditor. Page 19

20 The section relating to Audit Strategy / Characteristics and scope of the engagement / Financial reporting framework was edited to include consideration of disclosures Extract relevant to Large Profile Combine the sentences. to read: "The section relating to Discussions amongst engagement team members / Development and changes since the last audit and Discussions amongst engagement team members / Susceptibility of the financial statements to material misstatement was edited to include consideration of disclosures." Page 20

21 Execution Work Programs (Major change - compliance) The conclusion paragraph was updated to consider whether a KAM that was identified in the relevant section may require communication to those charged with governance and presentation in the audit report. The aforementioned paragraph will appear in the instances where it was identified that Key Audit Matters will be presented in the audit report in Engagement Evaluation. If Key Audit Matters were identified and the question was answered as yes, a pop-up message will appear to prompt the user to record the Key Audit Matter using the Record Risk button Financial Statement Preparation (Major change compliance) Inserted new procedures and amended existing procedures in the paragraph Supplementary unaudited information and other information in documents containing audited financial statements relating to the auditor s Page 21

22 responsibility to review said information and respond to inconsistencies between the unaudited information and other information included in documents in the audited financial statements. Added an instruction to provide examples of disclosure that will have qualitative aspects (included for Large Profile). Finalisation Partner Sign-off (major change - compliance) A new procedure with regards to the identification, communication and presentation of KAMs was inserted Key Audit Matter (NEW) (Major change compliance) A new work program was added that summarises Key Audit Matters recorded during the planning or execution phase using the Risk Record button. The detail of the Key Audit Matters will pull through to The work program requires the auditor to indicate which of the potential KAM s will be presented in the Auditor s Report and which will not be presented supported by a reason for not presenting it. Page 22

23 02.20 Going Concern Conclusion (Major change compliance) In the instance where the auditor concluded that Material uncertainty relating to going concern exists but adequate disclosure is made in the financial statements, the proposed Audit Opinion was changed from to We should issue an unqualified opinion with respect to the applicability of the going concern basis of accounting, with an emphasis of matter paragraph. We should issue an unqualified opinion with respect to the applicability of the going concern basis of accounting, with a separate section in the audit report under the heading Material Uncertainty Related to Going Concern Evaluation of misstatements (Major change compliance) Added a new tab to enable the user to record and evaluate disclosure and presentation misstatements. Procedures in the conclusion section was edited to include consideration for the omission of disclosure. Page 23

24 02.80 EQCR Checklist (Major change compliance) A new procedure with regards to the identification, communication and presentation of KAMs was inserted. The EQCR procedure, including the additional procedure, only applies to the Large Profile. The aforementioned paragraph will appear in the instances where it was identified that KAM s will be presented in the audit report in Engagement Evaluation Report to Management and Those Charged with Governance (Major change compliance) y The following prompts were inserted: y Explain the circumstances that affect the form and content of the auditor s report, for example modification to the audit report. y Explain the emphasis of matter or other matter paragraph that is expected to be included in the audit report. A paragraph relating to KAM s has been inserted. The detail of KAM recorded in 02.55, Key Audit Matters. Page 24

25 Probe MMX Premium Consideration of Audit Report (major change - compliance) The content of the work program was changed significantly to enable the auditor to determine whether the audit report meets the format and requirements of the revised Auditor s Report effective for financial periods on or after 15 December Inter alia it includes procedures relating to: y Key Audit Matters, y Going Concern - Material Uncertainty Related to Going Concern, and y Other information. The results recorded in Going Concern pull through to Consideration of audit report. For example, conclusion was such that uncertainty relating to going concern exists but adequate disclosure is made in the financial statements (refer below): The relevant procedures relating to Material Uncertainty Related to Going Concern will be populated in Consideration of audit report Manager s final checklist (major change - compliance) Added two new procedures to check whether: y KAM have been determined and communicated in the auditor s report in instances where it is relevant. y Material inconsistencies exist between other information and the financial statements or our knowledge of the client. Page 25

26 Probe MMX Recog & Measure (IFRS) Group Companies (major change - compliance) Included the option of using the equity method when considering whether the interests in jointly controlled operations, subsidiaries, associates and joint ventures are correctly accounted for in the separate financial statements of the entity. The aforementioned equity method option will be included in the work program based on the year end of the auditee, i.e. if the year-end is on or after 31 December 2016, the procedure will appear. For earlier year ends, the equity method option will not be included Property, plant and equipment (major change - compliance) y Amended the following procedure (indicated in italics) under Impairment Ensure that management assessed at the end of each reporting period whether or not there is any indication that an asset or group of assets may be impaired (IAS36.9&12). (8) Intangible Assets (major change - compliance) y Amended the following procedures (indicated in italics) testing material amortisation The useful life of any intangible assets that arises from contractual or other legal rights does not exceed the period of the contractual or other legal rights or the renewable period, but may be shorter depending on the period over which the entity expects to use the asset. (IAS38.94) The amortisation method reflects the pattern in which the asset s future economic benefits are expected to be consumed and that changes in use are reflected in changes in the amortisation method. If pattern cannot be determined reliably the straight line method shall be used. The entity reviewed the amortisation period and method for infinite life intangible assets at least annually. y Amended the following procedure (indicated in italics) under material acquisitions Ensure that intangible assets arising from development, or from the development phase of a project has only been recognised if management can demonstrate technical feasibility, intention to complete, ability to use and how economic benefits will be generated, the availability of adequate technical financial and other resources to complete the development and its ability to measure reliably the expenditure attributable to the intangible asset during its development. (IAS38.57). y Amended the following procedure (indicated in italics) under Impairment Ensure that management assessed at the end of each reporting period whether or not there is any indication that an asset or group of assets may be impaired (IAS36.9&12) Revenue (major change compliance). The following procedures were added: y Ensure that revenue is measured as the gross inflows received or receivable, net of any trade discounts, settlement discounts and volume rebates. y Ensure that revenue received as an agent on behalf of others only includes the commission received. The Page 26

27 procedure is activated by ticking Revenue received on behalf of others (i.e. as an agent) in Types and Volume of Transactions. y Ensure that any other amounts collected on behalf of third parties such as sales taxes, goods and services taxes and value added taxes are not recorded as revenue. Probe MMX Recog & Measure (IFRS for SME) Revenue (major change compliance). The following procedures were added: y Ensure that revenue is measured as the gross inflows received or receivable, net of any trade discounts, settlement discounts and volume rebates. y Ensure that revenue received as an agent on behalf of others only includes the commission received. The procedure is activated by ticking Revenue received on behalf of others (i.e. as an agent)" in Types and Volume of Transactions. y Ensure that any other amounts collected on behalf of third parties such as sales taxes, goods and services taxes and value added taxes are not recorded as revenue. Other Changes to Probe MMX, Probe MMX Premium, Probe MMX Recog & Measurement (IFRS and IFRS for SME) (minor changes) y To improve the user experience, all the work programs have been updated. Inter alia, the following was improved: Removed duplicated procedures. Added procedures to make compliance easier. C hanged the placement of procedure to create a more logical flow and to enhance consistency between various work programs. Resolved bugs. The firm and/or user will have an option to insert the documents that only contains minor changes. In this instance client data and customization in the work program will be lost. The CaseView document version number will not change when the relevant document only contains minor changes. The CaseView document version number will only be updated to the 2016 version number when the relevant document contains major changes. To insert work programs with minor changes, follow the steps below: 1. Locate the position of the current document in the Document Manager: Page 27

28 2. Click on Document in the Ribbon, and select From Library. Select the library applicable to your engagement: 3. Locate the document you wish to insert, and click on Add: 4. The updated document will now be available below the original document: 5. Delete original document and renumber the updated document. Probe Compilations Letter of representation A management representation letter for a compilation engagement was added Compilation engagement evaluation The option SA GAAP has been removed from the financial reporting framework dropdown box. Page 28

29 Summary of documents being updated ANNEXURE A The following existing documents will automatically be replaced. It includes major changes that are either compliance changes or improvements to make compliance easier. New version numbers will be assigned to these documents. Planning documents Engagement letter Work Programs Property, plant and equipment work program Intangible assets work program Group companies work program Revenue work program Employee costs work program Accounting records work program Financial statement preparation work program Finalisation document Partner sign-off Going concern conclusion Evaluation of misstatements Consideration of audit report (premium only) Key audit matters Manager s final checklist (premium only) EQCR checklist Report to management and those charged with governance Compilation documents Compilation letter of representation The following existing documents will automatically be replaced due to compliance change. New version numbers will be assigned to these documents. The client data captured in these documents will not be lost in the engagement files as it is written to a database Subsequent events work program Engagement evaluation Discussions with those charged with governance Gathering information Overall materiality assessment Areas that are likely to be misstated Risk analysis summary Inherent risk assessment Page 29

30 11.30 Control risk assessment Fraud risk assessment Control activities design and implementation Risk assessment at assertion level Controls over significant risk Audit plan and strategy Using internal audit Planning memorandum Blank audit program Substantive testing worksheet Controls testing worksheet Focused enquiries The KAM procedure in the conclusion paragraph will be inserted in the following documents, but the document will not be replaced. Therefore the document version will NOT change, unless the user want to update the document to the latest version Investment property work program Agriculture work program Other financial assets work program Other assets work program Inventories work program Trade and other receivables work program Cash and cash equivalents work program Capital and statutory work program Other financial liabilities work program Other liabilities work program Taxes and levies work program Trade and other payables work program Provisions work program Investment and finance income work program Cost of sales work program Other income work program Other expenses work program Finance costs work program Disposal groups and discontinued operations work program Related parties work program Commitments and contingencies work program Opening balances and comparatives work program Page 30

31 Probe MMX Audit: Key Audit Matters ANNEXURE B Page 31

32 Contact CQS Help Desk Success community: success.casewareafrica.com CaseWare Working Papers: CaseWare Time: TaxWare: SecWare: CQS Support: CQS Web Support: CQS Reception: Contact Details For easy access to frequently asked questions, account and license information, product updates and other technical documentation, please go to the CaseWare Africa Success Community at success.casewareafrica.com Follow us CQS Technology Holdings CQS Technology CQS Technology Holdings CQS Technology Holdings Page 32

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