startMercia Academy Master Pack v10
Release Notes

Mercia Academy Master Pack v10

CCH Audit Automation
Last update: Reading time 5 minutes
Mercia Master PackBDENon CCH Central SuiteRelease Notes

    Mercia Academy Master Pack v10 (BDE)

    Obtaining and installing the update

    Downloading

    Click here and then select the Academy Master Pack, 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 via POSTS, you will need to Register on our Support Portal. (Registration Code and Practice Code required) and join our CCH Audit Automation Group.

    Installing

    1. Click on [Start] and then on Run...
    2. Enter C:\TEMP\MERCIA_Academy_Master_Packs_v10.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. During the installation process you will be asked for a password, this is provided in the notification of the availability of the packs.

    Installation options

    The installation program will offer you our standard default directory called PROACC\AUDITV4 on Drive C. If you have installed ProSystem AA, or store your master formats elsewhere, you must change the directory to that which you used for the original installation. The master formats have been allocated the following codes:

    MERACD10Mercia Academy Master Pack v 10
    • If you have created your own master with these codes, installing these masters will overwrite it.
    • If you have done this, you should rename your master formats before proceeding, or contact us for advice on how you can rename our masters. 

    Charge rate tables

    The master packs contain charge rate tables that will need to be updated to reflect your firm’s level of hourly charges. The table may be imported from an existing pack, thereby removing the need for you to enter it manually. To do this, load CCH Audit Automation, log in as the System Manager, and select the option to edit an existing master pack. Enter the code of the pack to be updated and click on [OK]. Select Risk model > Look up tables and then the Charge rate table tab. Finally select [Import charge rates] and select the pack from which the table is to be imported.

    Specialised charts of accounts and working papers

    If you are importing from a third party accounting package, it is likely that you will either have changed the alpha codes in your master packs, or have imported a new chart of accounts and working papers from a chart update routine. If you have used a supplied routine, simply follow the original instructions to install the updated chart in each of the new master packs. If you have amended the alpha codes, you can copy the amended chart of accounts to the new masters by copying the files called CHART.DBF and CHART.MDX from an old master pack to the new ones now installed. If you require assistance to achieve this, contact the support line.

    Changing master packs for an existing client

    To link an existing client to a new pack, proceed as follows:

    • Select File > Edit control data > Control data from the menu bar.
    • Select the Master pack code edit box and either enter the code of the new pack or select it using the Pick button.
    • Click on OK.

    The system will ask you to confirm that you wish to change the master pack in use and then present a dialog with options. If you are changing from one version of a master pack to the next, e.g. ACAD09 to ACAD10, select the option to Merge the new master programmes with the current customised programmes, if you are changing to a different pack concept, e.g. ACAD09 to IMER16, select the option to Clear the current customized programmes and Replace the working paper index so that you obtain the revised index from the new master.

    Note: it is advised that users should not change master packs once planning has been signed off. Prior to planning sign off master packs can be updated but users should be aware of changes in the update that may have an effect on work already completed during the planning stage.

    Always ensure that you have a current backup of the client’s data before changing master packs as this is a complicated process and if anything happens to interrupt the change, the client data may be corrupted.

    Changes made to the master packs

    This update incorporates the following changes:

    Audit Pack Changes include changes to:
    • The issue of the Academies Accounts Direction 2021 to 2022, Academies model accounts 2021 to 2022 and Framework and guide for external auditors and reporting accountants of academy trusts.
    • The requirements of the Academy Trust Handbook (effective 1 September 2021) (formerly known as the Academies Financial Handbook).
    • Teachers Pensions Reporting Accountant Guidance TP05 for 2021/22, pertaining to the reporting requirements of the Teachers' Pensions End of Year Certificate (EOYC).

    A full list of changes is available from the Master Pack manual.

    Note: The changes to ISA 240 'The auditor's responsibilities relating to fraud in an audit of financial statements and changes to ISA 315 Identifying and assessing the risks of material misstatement' have not been implemented in this master pack as they relate to periods starting on or after 15 December 2021. These updates will be included in the next update of the academy master pack.

    Master audit pack documentation

    Copies of these manuals are included in the Guidance folders within the master packs and hence will always be available from the Help menu when you have a client loaded. There are 2 items on the menu that will always relate to the master pack to which the current client is connected:

    • Master pack manual
    • Master pack manual appendix

    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.