Home AP4.0 User Manual – Table of Contents AP4.0 User Manual – 04. Preparation for Generation of Audit Files AP4.0 User Manual – 04.4 Completing the Main Worksheet

Audit Program 4.0 - User Manual

4. Preparation for Generation of Audit Files:

4.4 Completing the "Main" Worksheet

The “Main” worksheet is the key input form used to control the entire audit process.

Accessing the "Main" Worksheet

Return to AP4.0 Wizard Home Screen

– Click the “Back to Main” button to go to the AP4.0 Wizard Home Screen.

Navigate to Step 2

– From the dropdown menu, select “Step 2: Generate Audit Files” and click “Next”.

Click the “3. Complete Audit Report Data” Button to complete the “Main” Worksheet

Completing the "Main" Worksheet

General Guidelines

Always start entering data from row 4.
Each row represents one audit engagement.
Complete the fields for each row from Column B onwards.
The Client ID in column A is automatically generated by the program

Field-by-Field Instructions

Columns F to M (AP4.0 Functions)

Enter “Yes” in columns F to I, if you wish to generate Audit Programs / Audit Work Papers for the first time
Enter “Yes” in column L, if you wish to re-generate Audit Program / Audit Work Papers, after putting through audit adjustments.
Enter “Yes” in column M, if you wish to re-generate Audit Program / Audit Work Papers, after putting through final client late adjustments.
Enter “Yes” in column J, if this is not the first year’s audit using the Audit Program, and you wish to roll over prior year’s Finalized Audit as comparatives. (Note: Only applicable when prior year’s audit has completed running “Finalize materiality” i.e. Column M.)

Column T (Professional Clearance Date / Sanction Screening Date):

Enter the date of the professional clearance letter received from the ex-auditor for new clients.
Alternatively, use the date of the initial sanction screening for simplicity.

Column U (Engagement Letter Date):

For new clients: Enter the date the engagement letter is signed.
For recurring clients: Enter the date the audit team decides to commence the audit.
Ensure this date is after the date in Column T.

Column V (Date of Audit Planning):

Enter the date when audit planning is prepared.
Ensure this date is after the date in Column U.

Column W (Field Audit Commencement Date):

Enter the start date of the field audit.
Ensure this date is after the date in Column V.

Column X (Subsequent Event Procedures Date):

Enter the date up to which subsequent event procedures are performed.
For consistency, use a month-end date that is before the audit report date (e.g., 31/12/YYYY).

Column Y (Audit Report Date):

Enter the date of the audit report.

Column AA (Archive Due Date):

This should be calculated as 60 days from the audit report date (Column Y).

Column Z (File Archive Date):

Enter the date when the audit file is archived.
Ensure this date is between the audit report date (Column Y) and the archive due date (Column AA).

Columns AB to AD (Financial Data):

Enter the preliminary sales, profit/(loss) before tax, and total assets for the audit client.
Note: You may change these financials at a later date by selecting “Revise Materiality” / “Finalize Materiality” when there are audit adjustments / late adjustments. (See Section 4.1 Above).

Columns AE to AM (Dropdown Selections):

Use the dropdown menus to provide the most appropriate answers based on the engagement.

Columns AN and AQ (Principal Activities):

Enter the principal activities of the audit client as described in the directors’ report:
Column AN: Enter the first principal activity.
Column AQ: Enter the second principal activity, or input “N/A” if there is only one.
Use the “Search for Principal Activities” worksheet to find the closest match for the client’s activities.

Columns AO/AP and AR/AS (Industry Codes):

For each principal activity, use the “Search for Principal Activities” worksheet to find the closest matching industry.
If no exact match exists, select the closest resembling industry.

Columns AU to AZ (Key Accounting Estimates):

Select up to 6 key accounting estimates using the dropdown menus.
Use the “Search for Acct. Est.” worksheet for guidance.
If fewer than 6 estimates, input “0. N/A” in the remaining columns.

Column BA (Number of Double Entries):

Enter an estimate of the total number of double entries during the financial period.
A rough estimate, rounded to the nearest hundred or thousand, is acceptable.

Columns CU to CW (Inventory Details):

Complete these columns only if Column CT indicates that inventory is present.
Otherwise, select “N/A” from the dropdown menu.

Columns BC to FD (Financial Statement Line Items / Disclosures):

Use “Yes” or “No” to indicate whether the audited financial statements include specific account balances or transactions.
Note: If this is not the first year that you are using the Audit Program for the same client, you may rollover and the program would automatically help to pre-complete these columns based on prior year’s data.

Column FE (Name of Directors):

Enter the names of all directors.
If there is more than one director, use Alt + Enter within the cell to separate their names.
For corporate directors, enter the name of the individual attending planning meetings.

Final Notes

Ensure data is entered accurately, as errors may cause issues during the generation of audit programs.
Save the completed worksheet and proceed to the next steps for mapping the trial balance.