2019 Single Audits

When it comes to audit methodology, the best methodology available is Wolters Kluwer’s Knowledge-Based Audit (KBA) Methodology. Use it and you will:

  • Implement AICPA risk-based standards
  • Conduct a more productive audit
  • Produce the highest-quality audit possible

To add, Knowledge-Based Audit Titles utilize the KBA Methodology which helps you perform more effective and efficient financial statement and compliance audits. With this in mind, here is a look at the updated 2019 Single Audits title. Begin your planning by reviewing these changes.  

What’s New for 2019 Knowledge-Based Single Audits?

First, the 2019 Knowledge-Based Single Audits is current through:

  • AICPA Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements
  • AICPA Statement on Auditing Standards (SAS) No. 135, Omnibus Statement on Auditing Standards – 2019
  • Government Auditing Standards, 2018 Revision
  • 2019 Compliance Supplement
  • 2019 Data Collection form and discussion of the Uniform Guidance

Multiple New Enhancements

Additionally, multiple new enhancements include:

  • Combining Complex and Non-complex forms (KBA-302N and KBA-401N), giving the auditor the option to memo or complete the detailed table for each section based on tailoring. Roll-forward notes include:
    • For Non-complex documents in your prior engagement, before rolling that file forward, you must
      • Add the Complex document to your engagement binder to retain the data from the Non-complex document
      • Then, remove these workpapers from the prior year binder after you have rolled the binder forward
    • If your binder is already finalized, and you don’t want to un-finalize the binder to insert the Complex document before you roll-forward from the 2018 version, you can:
      • Make a copy of your finalized binder
      • Insert the applicable Complex documents
      • Then roll-forward the copied binder to the 2019 title version
        • IMPORTANT NOTE: after roll-forward, remember to delete the “copied prior year binder” from your file room. That is how you will retain the data into the 2019 combined versions.
    • Alternatively, after you roll-forward, copy and paste the data from the prior year Non-complex document -within the prior year binder- into the current combined versions. The Non-complex document rolls-forward as an obsolete workpaper with no data. Remove that after you have rolled forward your binder. Refer to your prior year binder for data in the Non-complex document.
    • For the Update Knowledge Coach Content option, insert the complex version of the workpaper prior to updating. This retains information from the now-obsolete non-complex version. Additionally, publish the non-complex versions prior to selecting the Update Knowledge Coach Content option so you have access to the data after updating, as the non-complex version will be obsolete.

Multiple New Enhancements – Con’t

Additionally, other enhancements include:

  • Adding flow of columns “Nature of Other Services” and “Firm Personnel Overseeing the Service” from KBA-101S Overall Uniform Guidance Compliance Audit Strategy to AID-201S Non Attest Services Independence Checklist
  • Adding the table “Prior Year Substantive Matters and Significant Findings” to KBA-102S Uniform Guidance Compliance Audit: Significant Matters. This table is only user entry and is available if you would like to document prior year matters or findings
  • Modifying headers and adding one new column (If Controls are Not Effectively Designed and Implemented or Are Not Operating Effectively, Describe the Risks of Material Misstatement) in AID-401S Understanding General Controls for Information Technology in the “less complex” table. This new column contains a dynamic list of risks noted in the engagement which is similar to the functioning of KBA-40X series forms.
  • Adding a table to both KBA-902S Uniform Guidance Compliance Audit Review and Approval Checklist to document a concurring partner review, if applicable. A tailoring question has also been added to AUD-100S that will have show/hide functioning on this table in both forms.
  • Enhancing instructions and procedures throughout the toolset to improve workflow
  • Adding new tips regarding Omnibus Statement on Auditing Standards for the issuance of SAS-135

Conclusion

Now, are you interested in increased realizations and improved client service? Then learn more about our Integrated Audit Approach today.

Also, check out the NEW “Audit Talks” presented by Wolters Kluwer that includes top Industry and Wolters Kluwer experts as they discuss topics such as the latest trends, news and technology and what you need to consider to transform and elevate your audit and advisory practice today.

AUTHOR

Wendy Cable

All stories by: Wendy Cable