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PROBE Audit is designed to provide both audit compliance and streamlined processes for audit teams of any size.
PROBE Audit can be used with all CaseWare files and uses the latest CaseWare technology. |
| Major benefits |
- Ensure you are always up-to-date with the new auditing standards.
- You will be able to gain a better understanding of the client’s business through focused planning.
- Reduce time spent on preparing manual documentation during audits.
- More cost effective and efficient audit work by having access to checklists, questionnaires and programs which intelligently expand (or shrink!) according to the size and complexity of the client.
- More attention to risk areas and less unnecessary procedures through planning that links directly with the rest of the audit.
- Sampling can now be theoretically justified and, more importantly understood and interpreted.
- Automation and streamlining of processes through seamless integration with CaseWare Working Papers and the financial statements.
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| Key features |
- PROBE Audit is designed to meet the new international Audit and Accounting standards and is constantly being researched, developed and tested with audit clients in Cyprus and South Africa.
- PROBE Audit fully integrates with the latest CaseWare Financials, working papers and lead sheets to enable streamlined electronic audit processing and review.
- Intuitive risk assessment documents including Risk Assessment at both financial statement level and account balance level ensures risks are sufficiently covered and directly linked to the rest of the audit approach. (Picture 1)
- Record Risk allows the auditor to further create client-specific risks in the pre-planning and planning stage which is also directly linked to the rest of the audit approach in meeting the new risk assessment requirements. (Picture 2)
- The Risk Matrix provides a visual summary of the risk assessment across 4 quadrants, providing a single view of the client’s risk profile. This helps partners evaluate the approach to maximise profit while ensuring compliance. (Picture 3)
- Sampling worksheets to help maximise profit while ensuring reliability in results. (Picture 4)
- Compliments the latest CaseWare technology to facilitate a true ‘paperless’ audit process
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Key Features Described
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Picture 1
To meet the changes in standards with respect to risk and risk assessment, PROBE Audit has a series of intuitive risk assessment documents, designed to help you quickly perform the necessary risk assessment steps.
The risk assessment documents include Risk Assessment at financial statement level and Risk assessment at account balance level. At any time the schedules allow the user to add client –specific risks, which is fully incorporated into the risk assessment and ultimately into the audit programs.
Risks will flow to the Risk Analysis, then to the Risk Matrix for a visual summary and ultimately to the audit procedures. This ensures a direct link between risks identified and the procedures performed as required by the new audit standards. |
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Picture 2
Record Risk contained in PROBE Audit allows the auditor to create client-specific risks in any of the pre-planning and planning documents as they are identified. Risks will flow the to risk analysis, then to the risk matrix for a visual summary and ultimately to the audit procedures. Client specific risks will flow from risk recording to risk analysis, to the risk matrix for a visual summary and ultimately to the audit procedures.
This ensures a direct link between risk identified and the procedures performed, in meeting the new standards.
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Picture 3
The Risk Matrix contained within PROBE Audit provides a visual summary of the risk assessment across 4 quadrants, providing a single view of the client’s risk profile.
The quadrants, in order of audit priority are
# 1 High Risk Material items
#2 High Risk Immaterial items
#3 Low Risk Material items
#4 Low Risk Immaterial items
This helps partners evaluate the approach to maximise profit while ensuring compliance with the new standards.
All the items positioned in the 4 quadrants have their respective risk elements reflected right through to their respective procedures.
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Picture 4
PROBE Audit provides extensive assistance with audit sampling. Both variable and attribute sampling are catered for. Sampling worksheets can simply be copied into section as needed and used to guide the sampling process. The sampling worksheets help balance risk and profit on the audit, that is large enough to be reliable without compromising audit profitability.
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