PPC’s SMART Practice Aids - Thomson Reuters

PPC's SMART Practice Aids User Guide

Table of Contents

Getting Started ..........................................................................................................1 Welcome ................................................................................................................1 System Requirements ..............................................................................................2 Creating a New Client Engagement ............................................................................3 Master Engagements ...............................................................................................6 Engagement Setup Questions ...................................................................................9 Editing an Engagement Setup and Viewing Engagement Properties .............................. 18 Opening a Saved Engagement ................................................................................ 19 Using Spell Check .................................................................................................. 20 Thomson Reuters License Agreement ....................................................................... 21 Menu Bar and Navigation........................................................................................ 32 General Navigation ................................................................................................ 32 "How to" & Navigational Tips................................................................................... 34 File ...................................................................................................................... 36 Edit ..................................................................................................................... 37 View .................................................................................................................... 38 Insert .................................................................................................................. 40 Tools ................................................................................................................... 42 Help..................................................................................................................... 43

Multi-User Controls................................................................................................... 44 About Multi-User ................................................................................................... 44 Providing a Username ............................................................................................ 44 Allowing Multi-User ................................................................................................ 46 Multi-User Messages .............................................................................................. 51 iii

SPR User Guide

Engagement Rollforward ........................................................................................... 52 Types of Rollforward .............................................................................................. 52 Rollforward a Client Engagement to a New Client Engagement .................................... 54 Rollforward a Master Engagement to a New Master Engagement ................................. 60 Merge a Client Engagement with a Master Engagement .............................................. 63

Using SMART Practice Aids - Risk Assessment .............................................................. 67 Step 1 - Identify Risks ........................................................................................... 67 Completion Tip ...................................................................................................... 71 Step 2 - Assess Effects of Risks ............................................................................... 73 Step 3 - Review and Modify Your Audit Programs ...................................................... 76 Completion Tip ...................................................................................................... 83 Diagnostics Report................................................................................................. 83 Generate Documents ............................................................................................. 86 Transferring an Engagement ................................................................................... 90 Receiving an Engagement....................................................................................... 93 Adding and Removing Forms................................................................................... 94 Update SMART Engagement.................................................................................... 96 Deleting a Client.................................................................................................. 102

Using SMART Practice Aids - Internal Control ............................................................. 104 About SMART Practice AidsTM - Internal Control ....................................................... 104 Enabling SMART Practice AidsTM - Internal Control ................................................... 104 SMART Practice AidsTM - Internal Control Navigation ................................................ 106 Understand Controls and Evaluate Design............................................................... 108 Effectively Designed? ........................................................................................... 115 Add Location ....................................................................................................... 121

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Table of Contents

Applying a Risk-Based Approach............................................................................ 123 Audit Areas - Control Activities .............................................................................. 123 Financial Close and Reporting - Control Activities..................................................... 128 General Computer Controls - Control Activities ........................................................ 132 Add Objective ..................................................................................................... 134 Add Control ........................................................................................................ 136 Add Test Procedure.............................................................................................. 139 Summary of Design Effectiveness .......................................................................... 143 Review and Modify Test Plans ............................................................................... 144 Enter Test Exceptions .......................................................................................... 146 Assess Control Risk.............................................................................................. 148 Generate Planning Form ....................................................................................... 150 Using SMART Practice Aids - Disclosure ..................................................................... 153 About SMART Practice Aids - Disclosure.................................................................. 153 Selecting Checklist Topics ..................................................................................... 153 Completing and Customizing the Checklist.............................................................. 158 Updating the Disclosure Checklist .......................................................................... 160 Viewing Firm Libraries in an Engagement ............................................................... 161 Maintaining an Engagement Disclosure Note Library ................................................ 162 Generating Checklists or Notes.............................................................................. 165 Maintaining Firm Libraries..................................................................................... 166

About Firm Libraries.......................................................................................... 166 General Navigation ........................................................................................... 166 Firm Library Navigation ..................................................................................... 167 Creating a Firm Library...................................................................................... 169

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