Audit Plan Basics

In this section of the help centre, we will be teaching you the basics of the MyWorkpapers Audit Plan, including:


Where to Find the Audit Plan

The Audit Plan is located in the B Planning folder and is assigned with the reference number B33, as consistent with the Mercia methodology.

The B33 Audit Plan is contained in the following standard templates offered in MyWorkpapers:

  • Limited Companies
  • Academies
  • Charities
  • Limited Liability Partnerships
  • Pension Schemes

The Solicitor Trust Account Rules and Paperless Accounts (Audit Exempt) templates do not contain the B33 Audit Plan as standard.


Accessing the Audit Plan for the First Time

The first time you access the Audit Plan, you will be prompted if you want to create the Audit Plan based on Lead Schedules or Lead Schedule Summaries. The Audit Plan is dynamically created based on the lead schedules or lead schedule summaries in your Working Paper Index.

We recommend that you ordinarily select the Lead Schedule Summaries option as this will provide you will higher-level information, which is ordinarily more relevant for audit planning purposes.


Accessing and Exiting Full-Screen Mode

The Audit Plan has been designed to be your central audit planning and risk assessment document and accordingly the amount of information contained in the Audit Plan is quite extensive. Accordingly, we highly recommend that you view the Audit Plan in full-screen mode, no matter what device you are viewing it on.

A short animated gif can be found below showing you how to enter and exit from full-screen mode in the Audit Plan.


How to Use the Functions Toolbar

The functions toolbar is found at the top of the Audit Plan and contains a heads up display of materiality, along with an array of options that can be used to further customise the Audit Plan for your specific engagement.

Below is a diagram pointing out each of the features on the Audit Plan function toolbar, along with a short description of how to use each of these features.

Full Screen

For details on how to use the Full-Screen mode, please see the Accessing and Exiting Full-Screen Mode above.


Hide All / Show All

Ticking the Hide All / Show All button will allow you to quickly and easily expand or collapse all of the various audit sections which are being displayed in your Audit Plan.


Edit Mode

Accessing Edit Mode in the Audit Plan will allow you to delete sections, and risks and customise the Audit Plan specifically for your firm. We will cover each of these topics individually throughout the rest of the Audit Plan section in this help centre.

Like all other forms in MyWorkpapers, the edit mode button in the Audit Plan is a restricted feature and access to this button is restricted only to those staff members with permission to Edit Workpapers. For more information on the Roles & Permissions module in MyWorkpapers, please visit the Roles and Permissions topic in this help centre.


Materiality Display

The materiality display is fully integrated with the B41 Materiality workpaper, ensuring that there is no more data entry, just data flow from one workpaper to another.

The materiality display will provide you with a heads up display of the Overall Materiality and Performance Materiality which you have set for your engagement.

You can directly drill down into the B41 Materiality workpaper from the B33 Audit Plan by simply clicking on the blue underlined hyperlink on either the Overall Materiality or Performance Materiality

Display Zero Balances

By default, the Audit Plan will only show audit sections and lead schedules where a balance is present or where risk is attached to the lead schedule. Accordingly, there may be times when you have not imported a trial balance yet or a particular section or lead schedule isn't displayed however you need to add risks to the particular section. In these cases, you can tick the Display Zero Balances option and this will reveal all sections and lead schedules on the Audit Plan.

The below animation shows what occurs when the Display Zero Balances is ticked or unticked. You will note that when it is ticked the C Taxation and D Directors and Related Parties sections and lead schedules are displayed, despite not having any trial balance accounts associated with the section.


Show Audit Areas

By default, the Audit Areas in the Audit Plan will be set to be displayed as this area contains salient functionality to tailor and customise your audit approach and each of the audit programmes for the relevant financial statement areas. However, if you wish for this area to be hidden from view then you can quickly and easily hide this area by ticking the Show Audit Areas tick box.

The below animation shows the impact ticking this box has on the display of the Audit Plan.



Display Only Significant Risks

If you are completing a risk-based audit it is beneficial to be able to summarise and display all risks on an audit, as well as only those which are considered significant risks. With the Display Only Significant Risks option in the Audit Plan you can quickly and easily only display those risks which are marked as significant, including the planned audit approach to address those risks.


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