Compilation | 07.30 Current assets compilation program

Published: 29/09/2020

Objective

The objective of this document is to assist users in performing their procedures when compiling the financial statements.

Format

This document is divided into the following sections which will change based on the balances in the file:

Inventories
Trade and other receivables
Cash and cash equivalents
Contract assets
Conclusion

Instructions

Column	Input required	Outcome
Inventories/ Trade and other receivable/ Cash and cash equivalents/ Contract assets
Procedures	No input required.	In performing all the procedures, you will be able to conclude on the financial statement area being satisfactory or unsatisfactory.
Exceptions	State whether you found any exceptions during testing by using the "Yes / No" drop down box. If you found no exceptions, column Prepared by will be signed off automatically. If you found exceptions, a comment box will appear under the procedure.	If exceptions are documented accurately it will assist you in determining where more work may be needed, or documents are outstanding.
Performed by	If you found no exceptions this column will be signed-off automatically, otherwise you will have to sign-off manually by inserting a tick in the tick box or by typing your name and date in the given cell.	The reviewer will be able to see who performed the work.
Ref.	Insert a reference, if necessary, to supporting documentation, you can click on the dropdown box to reference to a document already in your Caseware file.	You ensure that your file is logical and comply with ISAs.
Conclusion
Financial Statement Area	This will state which financial area you are assessing.	You will need to conclude on each of these financial areas whether the information obtained is satisfactory.
Result	You have to state whether the financial area is satisfactory or unsatisfactory by selecting the option from the drop down box.	If unsatisfactory results are documented it will assist you in determining where more work may be needed, or documents are outstanding.
Yes/No	Answer the question by making a selection with the "Yes / No" drop-down box.	If you state “no” from the dropdown, then the “Initial and Date” column will be signed off automatically. If you state “yes” from the dropdown, you would need to further elaborate (add comment) and then sign off under “Initial and date”.
Initials and date	If you found no exceptions this column will be signed-off automatically, otherwise you will have to sign-off manually by inserting a tick in the tick box or by typing your name and date in the given cell.	The reviewer will be able to see who performed the work.
Ref.	Insert a reference, if necessary, to supporting documentation, you can click on the dropdown box to reference to a document already in your Caseware file	By inserting references to work performed on other working papers you ensure that your file is logical and comply with ISAs.

Features

The following features are available in the document:

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Conclusion

You have to conclude on each of the individual sections before the conclusion section whether the financial statement area is satisfactory or not, this will automatically pull through to the conclusion section at the end.
In addition, you would also need to conclude on the following:

Suspected non-compliance with laws and regulation to be considered and reported in terms of the Non- Compliance with Rules and Regulations (NOCLAR) standard and the local Code of Professional Conduct.
Did the results of the above procedures indicate that information supplied by management is incorrect, incomplete or otherwise unsatisfactory?