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Completing Your First SMSF Audit

Contents

  1. Overview 
  2. Firm Set Up 
    1. Review Firm Roles and Permissions 
    2. Enter Staff and Assign Roles
    3. Enter Client and Administrator Details 
  3. Pre Audit and Planning 
    1. Audit File Preparation 
      1. Create a new audit file 
      2. Activate the Customiser
      3. Upload Trial Balance 
        1. Importing via Integration
        2. Importing via CSV
      4. Upload and reference Supporting Documents to your file 
    2. Preliminary Engagement Activities and Planning 
      1. Complete Planning Folder Workpapers 
    3. Accounts and Audit Completion 
      1. Gather Audit Evidence 
      2. Audit Completion 
      3. Audit Review and Finalisation 

Overview

The purpose of this help guide is to walk you through the steps required to complete your first SMSF audit using MyWorkpapers. MyWorkpapers is designed to be simple, efficient, and intuitive, and there are just a few easy-to-follow steps to get you underway.

There are three stages to competing your first audit in MyWorkpapers. These stages are:
1. Firm set up
2. Pre-audit and Planning
3. Accounts and audit completion

Within each of these stages there are several steps.

MyWorkpapers is designed to be a collaborative tool for both the Fund Administrator (accountant) and the Auditor, and we provide guidance throughout this document to indicate the most appropriate person to perform each task, along with explanatory notes.

Firm Set Up

Before you create your first file, there are number of setup tasks that must be completed beforehand.

Review Firm Roles and Permissions

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Roles and Permissions controls what functions you can access, view and edit. Permissions are assigned to role, them roles are assigned to users. Determine which of the standard roles that apply to your firm and edit the permissions for those roles. For detailed instructions on Role and permissions, Click here

Note: The auditors should have full and control access of other users

Tips and Tricks: To change permissions for a role, click on the Edit tab within Roles and Permissions. If you cannot perform a function in a file, check your Role and Permissions.

Enter Staff and Assign Roles

Staff List is where you setup Staff as users, set their password and assign them a role. Their password will be emailed to them. Once chosen, email addresses cannot be amended. For detailed instructions on adding staff, Click here

Note: Both Auditor and Administrator can do this depending on how admin access is managed.

Tips and Tricks: MyWorkpapers will generate a random password, or you can enter your own. On first login, new staff should change their password to something they will remember. To change your password, click on your name in the ribbon and select My Profile . You can suspend or delete staff members. you can assign them a new role.

Enter Client Details and Administrator Details

 

Clients can be  accessed from the My Files Menu. For SMSF clients, select SMSF from the Client Type dropdown box on the Business Details tab. This will display the SMSF Details tab, where you can record fund member and trustee details. For detailed instructions on adding and managing client, Click here

Note: Every File you create requires both a client and an administrator. Both Auditor and Administrator can do this, depending on how admin access is managed.

Tips and Tricks: You can set the default template, as well as the default audit team on the on the Defaults tab. All the data you enter into Client Details is available within MyWorkpapers standard letters and reports as data fields that will automatically populate. When you create a new audit file, you can create a new client "on the fly" and add details later.

Client_Defaults.png

SMSF Administrators are also created and accessed from selecting SMSF Auditors in My Files menu. Enter the Administrator (or accountant) and the name and email of the person you will be liaising with the resolve queries. For detailed instructions on adding and managing Administrators, Click Here

With these steps completed, you are ready to create a new audit file.

Pre-Audit and Planning

Having completed the Firm setup tasks, You are ready to create and populate our first audit file and complete the preliminary engagement and planning activities for your audit.

Audit File Preparation

Create a New File

 

To create a new audit file, from the My Files menu, select New file. Select the relevant file template e.g. SMSF 5.0 and enter the Fund (client) Name. Select the administrator and enter the audit period. check the box, click Create New Audit File. Your new audit file, comprising a working paper index, workflow and trial balance is now created and is ready to be populated. The next step is to import the fund Trial balance. For detailed Instructions on creating a new audit file, Click here

Note: Both Auditor and administrator can do this, depending on how admin access is managed.

Activate the Customiser

After completing the Trial Balance import (and the mapping process) access the Customiser to add and remove workpapers from the file. This option will ask a few questions about your file accounts and remove all unrequired workpapers. The Customiser can be located at the right of the Working Paper Index. For learn more information about the Customiser click here.

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Tips and Tricks: Although the Customiser has been completed, it is still possible to change your answers and the Working Paper Index will update accordingly.

Upload Trial Balance

You can import trial balance details via one of our integrations or CSV import.

Having opened your new audit file, from the File menu select Connect and Import.

Importing via Integration

MyWorkpapers integrates with the following SMSF partners:

  • BGL Simple Fund 360
  • Class Super
  • SuperMate

  Note: These do not need any setup and can be accessed directly from the trial balance. However, if you wish to reset your logins.

Select your required connect or import option and follow the fund import steps to import the trial balance. Importing the trial balance automatically populates the working trial balance within your audit file, as well as creating and populating lead schedules and lead schedule summaries.

Note: Both Auditors and Administrator can do this, depending on how admin access is managed.

Tips and Tricks: The trial balance import screen contains "How to" guidance to assist you with trial balance import. Importing the trial balance creates and populates relevant financial folders and lead schedules. You can also re-import the trial balance if required, without affecting work that has already been completed in your audit file.

Importing via CSV

If you are using a CSV file import please click here. Your trial balance file should contain account code, account description, debit and credit columns, along with appropriate column headings.

The first time a new Accounting Structure (i.e. Profit & Loss and Balance Sheet view) is used it will require you to map the trial balance. To learn how to map the trial balance click here. This Mapping can then be saved and used to auto-map CSV's from there on. To learn about Accounting Structures and mapping Trial Balance click here.

Supporting Documents

Uploading and referencing supporting documents into MyWorkpapers is very easy. Simply select a file from a folder on your computer or server and drag it Into your audit file, Documents can be dragged directly into lead schedules or into folders in your working paper index. For detailed instructions on uploading supporting documents, Click Here

Note: Both Auditors and Administrator can do this, depending on how admin access is managed.

Tips and Tricks: Documents dragged directly into a lead schedule will be automatically referenced and copied to the relevant folder. Document references are automatically hyperlinked an can be opened by clicking on the reference. A range of document types can be uploaded, including pdf, docx, xlsx, as well as text and image files. Multiple references can be entered into a lead schedule, including page references for large pdf documents.

Preliminary Engagement Activities and Planning

Complete Planning Folder Workpapers

Let the auditing begin!!!

 

Workpapers B1 - B8 can now be completed by the Auditor. These Workpapers are contained in Planning folder "B". For detailed instructions on completing Workpapers, Click Here

Note: Only Auditors can do this.

Tips and Tricks: Use the workflow diagram to guide you through your workpaper completion. Remember that when a workpaper is marked as "Complete", changes cannot be made to it. Click on the pencil in the "Reference" column to enter references. Click in the "Comments" column to enter comments in the comments box . Create review points as you go, by clicking on "Review points" on the top menu, or at the bottom of the workpaper.

Accounts and Audit Completion

Gather Audit Evidence

Complete Accounts and Audit Completion Workpapers A1- A2. these Workpapers are contained in Accounts and Audit Completion folder "A". Workpaper A1 is the Administrator Queries portal and is used to correspond with the administrator. Raise queries and attach or request documents.

Advise the Administrator that queries are available via the Notify button at the bottom of the workpaper. The Administrator can log into the portal, respond to queries and upload documents for the auditor. For detailed instructions on using the Administrator Queries Portal, Click Here

Note: Both Auditors and Administrator can use Administrator Query Portal to transfer documents and resolve queries.

Tips and Tricks: Documents can be dragged and dropped into the Administrator Query Portal by the Auditor or the Administrator. The Administrator logs into the portal to view and respond to queries. The portal gives the Administrator a view of ALL funds. Administrator queries are treated like a review point by MyWorkpapers. Outstanding queries can be viewed in the review portal Tab (on the right hand side if the working paper index) in the A-1 Administrators Queries or in RP-1 Review points. They are also displayed in the dashboard.

Audit Completion

Complete Accounts and Audit Completion folder Workpapers A3 - A5. Resolve and consider review points, prepare draft Audit report, Management Letter, and Representation letter. For detailed instructions on creating and editing "LiveDocs", Click Here

Tips and Tricks: MyWorkpapers allows you to work in multiple tabs and multiple windows. Keep your review points open in one window, while you complete a workpaper, report or letter in another window. MyWorkpapers provides standard letters and reports in he working paper index. To customize these, select EDIT mode from the file menu. Save your changes and output to word.

Audit Review and Finalisation

To complete your Audit file in MyWorkpapers:

  • Review Audit File
  • Resolve and action outstanding review points
  • Mark outstanding Workpapers as complete
  • File signed copies of Audit report, Management letter, and Representation letter
  • Mark audit file as complete

For detailed instructions on marking an audit file as complete, click here.

  Tips and Tricks: MyWorkpapers allows you to work in multiple tabs and multiple windows. Keep your review points open in one window, while you complete a workpaper, report or letter in another window. MyWorkpapers provides standard letters and reports in he working paper index. To customize these, select EDIT mode from the file menu. Save your changes and output to word.

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