06/2020 - AU - Audit 2.2, SMSF 5.3, YearEnd 1.3, Personal Tax 1.1, Trust Accounts

MyWorkpapers is pleased to announce the following updates to our content:

Audit 2.2

• Updates have been made to the existing workpaper programs as a result of:

  • ASA 2018-1 Updates;

  • AASB Updates (Changes for AASB 16 Leases)

  • New Auditor Independence Requirements (Independence Guide, Fifth Edition, May 2020);

• The workpapers impacted by changes include:

  • Help Centre / Example Documents.

  • Completion programmes: A1.8, A1.9, A1.10, A2.4, A2.6, ASA Compliance.

  • Planning programmes: B1.2, B1.3, B1.4, B1.6.

  • Internal Control: C5.

  • General / substantative procedures: D1, F1, J1, Q4, R1, S1.

SMSF 5.3 Workpaper Pack

• Updates have been made to the existing workpaper programs as a result of:

  • Updates to GS009 (Guidance Statement GS 009);

  • New Auditor Independence requirements - Updates to threats and safeguards (Independence Guide, Fifth Edition, May 2020); and

  • Changes relating to the adverse economic effects of the coronavirus:

• The workpapers impacted are as follows:

  • A2.2 Operating Statement

  • A5 Trustee Representation Letter

  • B1 Preliminary Engagement Activities

  • B2 Engagement Letter

  • B8 Trust Deed and Governing Rules Review

Year End 1.3

• Updates have been made to multiple workpapers including:

  • Year End Checklist (Reference to JobKeeper)

  • DIV 7A Benchmark interest rate updated for 2020

  • D14 Superannuation

Personal Tax 1.1

• Updates have been made to reflect the following:

  • B2 - Individual ITR Checklist to gather the necessary information for home office claims

  • D1 - Work-related Deductions for new rates available for home office claims as a result of the Coronavirus concessions.

Trust Accounts

• NSW Legal Profession Trust Account: New Procedures have been created in A1.20 Controlled Money and C1 Trust Account Records.

• NSW Agents Trust Account:

  • Updates for Property and Stock Agents Act 2002 and Property and Stock Agents Regulation 2014.

  • New procedures added for B3.3 Internal Control Review Questionnaire.

• QLD Legal Profession Trust Account: Updates for Forms 4 and 5
• SA Legal Profession Trust Account: Updates for Law Practice Checklist, External Examiners Report, Statement regarding Receipt or Holding of Trust Money