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Roll-Forward for 30 June 2017

We have provided instructions below on several scenarios you may experience when attempting to Roll-Forward your 30 June 2016 file to 30 June 2017. It is important to consider what workpapers you expect to retain and what you hope to achieve when rolling forward content and workpapers and the below examples consider common workpapers you may wish to retain for subsequent year audits.

We recommend changing from SMSF 4.0 to SMSf 5.0 following the process detailed below. If you wish to retain any workpapers we have explained several scenarios you may experience and how best to manage them.

Changing from SMSF 4.0 to SMSF 5.0 (Our Recommendation)

If you have been using our SMSF 4.0 file we recommend moving to our SMSF 5.0 for new files to capture any legislation updates and utilise the content efficiencies we have developed.

Step 1 of Roll-Forward Menu:

  • Enter and Select Prior Period Client Name
  • Select Prior Period File 30 June 2016 from Dropdown
  • Select SMSF 5.0 as the workpaper pack of the 30 June 2017 file
  • Select 30 June 2017 as Audit Period Year End
  • Select Next

 Step 2 of the Roll-Forward Menu:

  • Deselect Roll-Forward Customiser tickbox
  • Only select from the following workpapers to retain (or a combination of the below):
    • B8 - Trust Deed and Governing Rules Review if wish to roll responses
    • Permanent Files Folder and workpapers
    • RP1-6 Considerations for Next Year (remember to also select Roll-Forward Review Points Data tickbox)
    • Any client specific workpapers you wish to roll-forward (eg signed engagement letter)
    • Note it is not necessary to roll forward any lead schedule summaries or lead schedules
  • Select Next

Step 3 of the Roll-Forward Menu:

  • Select all remaining folders and associated workpapers
  • Select Import Workpapers

Screen_Recording_1.gif

Retain Prior Year A2 – Audit Program

If you wish to retain your prior year A2 – Audit Program due to comments you have made in the workpaper we recommend you to continue to use the SMSF 4.0 workpaper pack. Therefore, important efficiencies in SMSF 5.0 will not be available for you to use.

Step 1 of Roll-Forward Menu:

  • Enter and Select Prior Period Client Name
  • Select Prior Period File 30 June 2016 from Dropdown
  • Select SMSF 4.0 as the workpaper pack of the 30 June 2017 file
  • Select 30 June 2017 as Audit Period Year End
  • Select Next

 Step 2 of the Roll-Forward Menu:

  • Leave Roll-Forward Customiser tickbox selected
  • Select the folders and workpapers you wish to retain. Note it is not necessary to roll forward any lead schedule summaries or lead schedules. In our example we have selected the following example workpapers:
    • B8 - Trust Deed and Governing Rules Review
    • Permanent Files Folder and workpapers
    • RP1-6 Considerations for Next Year (remember to also select Roll-Forward Review Points Data tickbox)
  • Select Next

Step 3 of the Roll-Forward Menu:

  • Select all remaining folders and associated workpapers
  • Select Import Workpapers

Screen_Recording_2.gif

 

 

 

 

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