startCCH Audit Automation (BDE) : v5.0.6 Update
Release Notes

CCH Audit Automation (BDE) : v5.0.6 Update

CCH Audit Automation
Last update: Reading time 2 minutes
BDENon CCH Central SuiteRelease Notes

    This section concerns the latest update of CCH Audit Automation (BDE). If you are interested in upgrading to the SQL version of CCH Audit Automation please contact your account manager to update your license.

    Obtaining and installing the update

    Downloading

    Click here and then select CCH Audit Automation v5.0.6 Update, read the instructions on the download page and save the file to disk and store it in a temporary directory on your hard drive, (assumed to be “C:\TEMP” in the following instructions). Next,follow the steps outlined below.

    Important: To receive software product news updates, you will need to Register on our Support Portal. (Registration Code and Practice Code required) and join our CCH Audit Automation Group to receive POSTS.

    Installing

    Please make sure that no users have CCH Audit Automation open before running the installation as on the first access of the master packs the data will be updated and this will fail if another user has the master pack open in the existing version of the software.

    1. Click on [Start] and then on Run...
    2. Enter C:\TEMP\CCH AA Update 5.0.6.exe, or select the file using the [Browse] button, and click on [OK].
    3. Follow the instructions on the screen, see below for installation options.

    The above assumes that you downloaded the file to C:\TEMP, if you stored it elsewhere, enter the path you used in step 2 above. 

    Installation options

    The installation program will offer you our standard default directory called PROACC\PROauditV3 on Drive C. If you have installed Audit Automation elsewhere, you must change the directory to that which you used for the original installation. If you wish to make use of the automated software update facility, then you must change the directory to the central update folder on your network.

    Select Components

    If Information Links is selected, the system will update the links on the help menu and also install the latest planning, completion and finalised information page templates.

    Note: If you are interested in upgrading to the SQL version of CCH Audit Automation please contact your account manager to update your license.

    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.