startCCH Audit Automation: Master Pack Editing Online (10120239)
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CCH Audit Automation: Master Pack Editing Online (10120239)

CCH Audit Automation
Last update: Reading time 3 minutes
ConsultancyCourse OutlinesMaster Packs
    This course covers the basics of Master Pack editing

    Overview

    The purpose of the session is to enable the firm to edit the Master Pack to match as far as possible its specific requirements and thereby increase efficiencies for users working at client level.

    It is also designed to provide discussion around the impact on the firms existing policies and procedures, which new procedures may need to be put in place and what may need to be documented and communicated to the rest of the business.

    Guidance will be provided by your consultant from this initial session, the business team will be required to continue to discuss and document further ahead of any end user training. 


    Representatives should come prepared to discuss their existing policies and procedures to ensure the set up of the master pack matches those as far as possible.

    Your consultant will discuss the below course contents (which is a guide only) ahead of your online session. It may well be that these contents will change depending on your requirements

    Course Duration: This is a single session and will last up to 3 hours.

    Course Contents

    Master Pack Editing 

    • Master Pack Control data - basics
    • Master Charts
    • Account Classifications
    • Audit Areas - basics
    • Risk Model - basics
    • Variable definition
    • Templates
    • Tailoring questions
    • Main Index

    Pre-requisites

    Attendees should adhere to the Training session Guidelines.

    All attendees should have a good understanding of audit and the existing polices and procedures of the practice.

    Guidance will be provided by your consultant from this initial session, the business team will be required to continue to discuss and document further ahead of any end user training. 

    Representatives should come prepared to discuss their existing policies and procedures and the requirements of edits that need to be made to the Master Pack.

    Who is this course designed for?

    The users responsible for owning and maintaining the Master Pack – This could therefore include users at any level either partner, manager or senior. Normally, we would expect a maximum of 4–5 users, although in some cases there may be only 1.

    IT Department - Whilst we would not expectto need anybody from IT nevertheless it would be helpful if they were contactable during the session. Please note we will need access to both CCH Audit and CCH Central at system admin level.

    Useful Resources

    • eLearning courses - online courses that provide you with an overview and insight into our software
    • Bitesize videos - Compliance and Non-Compliance - showing you how to use features (and also some specific focused areas) of our software 
    • Webinars - sessions for you to attend and learn from
    • Customer Onboarding Glossary - Our terminology explained for customers

    Related documents

    Inherent Risk Questions
    This document outlines the process for assessing inherent risk in clients through a systematic approach of questions. The system can store up to 99 risk areas, each containing 99 questions, which are assigned point scores for "Yes" and "No" answers. It details steps for editing, adding, and deleting risk areas and questions, including interface navigation and confirmation prompts. Additionally, it emphasizes that once numbers are assigned to risk areas or questions, they cannot be changed. The document serves as a guide for managing inherent risk assessments effectively.
    Audit Risks
    This document details the functionality of CCH Audit Automation for recording Identified Audit Risks, also referred to as Significant Business Risks. It provides instructions for users to add, edit, and manage risks, including features for maintaining risks for future audits, assessing their significance, and linking them to assertions. The system includes tools for risk assessment, audit response, and documenting conclusions. Other functionalities encompass risk summarization, printing options, and risk linkage across multiple sources, enhancing the audit process's efficiency and accountability.
    Default Specific Risk Questions
    CCH Audit Automation allows users to define specific risk questions for audit areas, although it's not mandatory. If no specific questions are set, default questions will be used. Users can edit the default questions through the "Specific risk questions" option in the Risk Model section. Up to 99 default questions can be defined, similar to inherent risk questions. The system utilizes a lookup table that combines specific and inherent risks for audits, with editing instructions provided in the manual.
    Risk/Sample Selection
    This document outlines the concept of audit risk, defined as the likelihood of undetected material errors during an audit. It introduces a risk model used in Audit Automation that requires total audit risk to remain below acceptable levels across various audit areas. The risks are broken down into inherent risk, control risk, and detection risk, with further subdivisions for detection risk. It emphasizes the importance of understanding these concepts to design effective audit procedures and assess risk at different levels. Additionally, it discusses general and control environments, and the calculation of residual risk, alongside a risk scoring system.
    Inherent Risks
    The document outlines the procedure for addressing inherent risk questions in an audit context. Users can access a dedicated window to view up to 99 risk areas, answer questions, and modify responses as necessary. The system prompts users to validate changes to ensure proper risk assessments. It includes functionalities for viewing prior comments, copying text, and overriding calculated risk levels, emphasizing that auditor judgment is crucial. Comments on overrides must be provided to rationalize any adjustments made. The document serves as a guide for navigating and utilizing the auditing software effectively.