MyWorkpapers hosts a wide array of completion statistics in the Working Paper Index to provide you with an up to date understanding of the progress of your file. In the Working Paper Index there are three levels of completion statistics, which are:
Individual workpaper statistics;
Folder statistics; and
Overall file statistics.
Each of these levels are discussed in detail below, however before we discuss the various levels we will show you what drives the completion statistics - which is marking workpapers as completed.
TIP: Use the completion statistics as a guide to how far through the audit you are and contrast this to your engagement budget to help avoid any budget overruns
Marking Workpapers as Completed
The key driver for the completion statistics is the use of the sign off details found at the top of every document in MyWorkpapers, as displayed below.
Whilst the prepared by, first and second review boxes are important in viewing the individual workpaper completion status, the driver of the folder and overall file completion statistics is the completed box.
Marking a workpaper as completed will make the file read-only, and can only be ticked by staff members who have been granted access in the Roles and Permissions module.
To use MyWorkpapers completion statistics to their full potential, this box needs to be ticked on every workpaper.
Individual Workpaper Statistics
The first level of completion statistics is the individual workpaper level, which will display whether a workpaper has not been started (shown as blank in the status column), in progress or finalised.
The status of completion is driven by various activities completed in the individual workpaper and is summarised in the following table:
The second level of completion statistics is the separate folder level, which will display whether a folder and all of the workpaper contained therein has not been started, in progress or complete.
The folder statistics are driven purely by the marking of each workpaper as 'completed', as explained in the above section.
You will also note that in addition to being marked as in progress or complete, the folder also displays the percentage of completion of the folder.
Overall File Statistics
The final level of completion statistics is the overall file level, which displays the total number of not started, in progress and completed workpapers in the file.
Again, this level of completion statistics is driven by the marking of each document as completed by the reviewer.
In addition, on the file details screen in the My Files menu, you can also view the percentage of completion of the file.
The file will however not be marked as 100% complete until the Partner has completed their completion declaration.