Probe MMX Audit
2010.07
Contents
What‟s new in Probe MMX version 2010.07 .............................................................................. 4
Design Mode ..................................................................................................................... 4
01.60 Minutes ................................................................................................................... 4
02.00 Partner sign-off ........................................................................................................ 4
02.10 Subsequent events work program ............................................................................... 4
02.20 Going concern work program...................................................................................... 4
02.22 Subordination agreements checklist ............................................................................ 4
02.30 Overall analytical review ............................................................................................ 4
02.40 Evaluation of misstatements ...................................................................................... 4
02.50 Consideration of audit report ...................................................................................... 4
02.60 Senior checklist ........................................................................................................ 5
02.80 EQCR Checklist ......................................................................................................... 5
02.90 Report to management and those charged with governance ........................................... 5
02.92 Letter of representation ............................................................................................. 5
10.20 Engagement evaluation ............................................................................................. 5
10.21 Engagement letter .................................................................................................... 5
10.30 Discussions with management and those charged with governance ................................. 5
10.40 Time budget ............................................................................................................. 6
10.50 Gathering information ............................................................................................... 6
10.51 Types and volumes of transactions .............................................................................. 6
10.60 Overall materiality assessment ................................................................................... 6
11.10 Risk analysis summary .............................................................................................. 6
11.20 Inherent risk assessment at financial statement level .................................................... 6
11.21 Consideration of laws and regulations .......................................................................... 6
11.30 Control risk assessment ............................................................................................. 7
11.40 Fraud risk assessment ............................................................................................... 7
11.50 Control activities design and implementation ................................................................ 7
11.60 Risk assessment at assertion level .............................................................................. 7
11.61 Controls over significant risks ..................................................................................... 7
12.20 Audit plan and strategy ............................................................................................. 7
20.10 – 80.10 Work programs ............................................................................................. 8
Conclusions .................................................................................................................... 8
20.10 Property, plant and equipment work program ............................................................... 8
31.10 Trade and other receivables work program .................................................................. 8
31.61 Receivables confirmation summary ............................................................................. 8
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32.10 Cash and cash equivalents work program .................................................................... 8
32.60 Bank confirmation ..................................................................................................... 8
40.10 Capital and reserves work program ............................................................................. 8
50.10 Taxes and levies work program .................................................................................. 9
51.10 Trade and other payables work program ...................................................................... 9
65.60 Directors‟ remuneration certificate .............................................................................. 9
74.10 Opening balances and comparatives work program ....................................................... 9
90.10 Blank work program .................................................................................................. 9
90.20 Substantive testing worksheet .................................................................................... 9
90.30 Test of control worksheet ........................................................................................... 9
Probe firm settings ............................................................................................................. 9
General .......................................................................................................................... 10
Contact us ......................................................................................................................... 10
Main Contact Details......................................................................................................... 10
Help Desk Direct Extension ............................................................................................... 10
Other Important Details .................................................................................................... 10
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What’s new in Probe MMX version 2010.07
Design Mode
When Probe MMX was launched design mode of all documents were locked, due to the fact that users asked
for certain documents to be unlocked. This version now has the following documents unlocked for the users‟
formatting convenience. These documents are:
01.60
Minutes
02.92
Letter of representation
10.21
Engagement letter
32.60
Bank confirmation
65.60
Director‟s remuneration certificate
01.60 Minutes
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Unlocked design mode for editing (all user editable documents are now indicated with a purple
title bar).
Reformatted.
Added space for letterhead (Top and bottom of document).
Corrected an error whereby the date didn‟t display.
02.00 Partner sign-off
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Corrected an issue that occurred in small engagements that disabled the partner sign-off
section.
02.10 Subsequent events work program
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Corrected an error in some versions whereby comments could not be inserted next to
procedures to identify subsequent events.
Added a right-click menu that enables the user to insert more lines.
02.20 Going concern work program
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Corrected an error that prevented this document from functioning in some versions.
02.22 Subordination agreements checklist
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Corrected a spelling mistake.
Changed country references if not South African.
02.30 Overall analytical review
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Added gross profit percentage calculation.
Added net profit before tax.
Corrected the year end date in the display of return on equity.
Corrected a calculation.
02.40 Evaluation of misstatements
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Added a conclusion section (Premium only).
Inserted totals for all columns (Premium only).
02.50 Consideration of audit report
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Corrected spelling errors.
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02.60 Senior checklist
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Added questions regarding audit documentation, interim audit work performed, fraud and laws
and regulations.
Removed references to South African law if not applicable.
02.80 EQCR Checklist
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Inserted blank rows to document risk areas.
Removed references to South African law if not applicable.
02.90 Report to management and those charged with governance
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Fixed issue where date did not show.
Inserted right-click menu to enable user to insert page breaks.
Changed the heading of the “Control environment” table to also refer to other aspects of internal
controls.
Inserted a button to delete page breaks.
02.92 Letter of representation
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Inserted right-click menu to enable user to insert page breaks and a button to delete the page
break.
Inserted space for letterhead.
Removed footer that printed on the first page.
Corrected an error whereby the date of the letter didn‟t show.
Changed the addressee to the auditor, not the client.
Unlocked design mode for editing (all user editable documents are now indicated with a purple
title bar).
10.20 Engagement evaluation
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Emphasised the pre-conditions for an audit.
Procedure to update engagement letter now hides on initial audits.
Corrected an error that prevented the activation of accounting estimates on 10.51, even if it was
selected in this document.
Corrected an error that caused the long description of the framework to be transferred
incorrectly from this document to other documents.
Corrected roll-forward settings to retain more information on rolling a file forward.
10.21 Engagement letter
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Removed footer from first page.
Unlocked design mode for editing (all user editable documents are now indicated with a purple
title bar).
Inserted right-click menu to enable user to insert page breaks and a button to delete the page
break.
Inserted space for letterhead.
Corrected formatting of numbered paragraphs.
10.30 Discussions
governance
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with
management
and
those
charged
with
Added enquiries regarding related parties.
Added a question regarding the period beyond management‟s assessment of going concern.
A new tab was added with “Accounting” considerations.
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10.40 Time budget
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The audit budget document from the old Probe was brought back.
10.50 Gathering information
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Added a question about reliance on interim audit work.
Where “relevant” transactions and balances need to be selected for Small entities, an
explanation was added that non-selection implies that the particular area is considered to be low
risk and no risk assessment at assertion level will be performed. The term “relevant” was
replaced with “detailed risk assessment required” to avoid confusion with relevant controls in
10.51.
10.51 Types and volumes of transactions
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Corrected an issue where the risk icon didn‟t print.
Explained why controls over related party transactions are always relevant.
10.60 Overall materiality assessment
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Add gross profit, net profit after tax and liabilities as benchmarks.
Allow user to base trivial amounts on a range rather than a fixed amount (must be set up in
Firm Settings).
Inserted paragraphs to document reasoning for performance materiality and amounts that are
clearly trivial.
Moved the desired audit risk assessment to just above performance materiality assessment
explanation.
Changed the way extra lines are inserted.
The prior year column now hides if it is the company‟s first year of operations.
Corrected an error which caused an incorrect calculation of the maximum of the range in some
instances when previous years‟ figures are used.
11.10 Risk analysis summary
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All Rights and Obligation columns are now shown as “N/A” in income statement only sections.
11.20 Inherent risk assessment at financial statement level
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Deleted a duplicated question.
Changed the document so that the risk and the procedure are recorded on this document.
Risks can now be deleted by right-clicking on the risk.
Inserted a risk record button.
Insert space to document the sources of information.
Corrected an issue where the measurement and review of the entity's financial performance was
only considered in the small version.
11.21 Consideration of laws and regulations
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Corrected an issue where the warning triangle did not appear even after a risk has been
recorded.
The 1973 Companies Act was added.
Corrected an issue where some acts may appear under two different areas of this worksheet, or
not at all.
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11.30 Control risk assessment
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Inserted a risk record button.
Change the document so that audit procedures are recorded on this document.
Risks can now be deleted by right-clicking on the risk.
Inserted a risk record button.
Insert space to document the sources of information.
11.40 Fraud risk assessment
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Change the document so that audit procedures are recorded on this document.
Risks can now be deleted by right-clicking on the risk.
Inserted a risk record button.
Insert space to document the sources of information.
Small wording changes.
11.50 Control activities design and implementation
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Fixed printing of headers to stay with next section.
The user can insert page breaks.
Change the section "System description" to keep together.
Corrected a typing error.
11.60 Risk assessment at assertion level
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Removed Rights and Obligation assertion for income statement items.
Correct two calculation errors.
Reprogrammed this document so that risk, controls, procedure etc are all addressed in this
document.
Added a risk record button to this document.
Presumed risk of revenue recognition is now also added in investment income.
11.61 Controls over significant risks
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Changed paragraph numbers to follow consecutively.
Removed spaces between tables.
Reprogrammed so that everything is edited by right-click menu.
12.20 Audit plan and strategy
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Changed some programming that could cause database issues.
Removed Rights and Obligation assertion for income statement items.
Removed non-significant risk procedures as they don‟t require specific audit attention.
Change document for 11.20 - 11.40 changes explained above.
Corrected a cell which had the override flag switched on.
Improved freeze and printing of headers to print better.
Changed column width to allow wider text.
Corrected a printing issue.
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20.10 – 80.10 Work programs
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Corrected a roll forward issue.
User can select to print lead sheets on the work programs by selecting the option in Probe Firm
Settings.
Changes were made to the required procedures for estimates.
Conclusions
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Remaining audit risk is no longer automatically inserted. It is still calculated and provided as a
tooltip, the user can double-click to accept the estimate.
Corrected the tooltip for subsequent events and going concern.
Hide Rights and Obligation risks for income statement only sections.
Changed some calculations.
Inserted Reason cell to explain reason for risk assessment.
The comment cell is automatically opened when materiality is revised by the user.
The “Estimated risk remaining” cell was cleared by default. A tooltip still shows Probe‟s estimate
based on user selections, but the assessment now has to be typed in to emphasise that
professional judgement is necessary in this assessment.
Arrows were added to assist with adjusting the risk assessment if necessary based on evidence
obtained.
20.10 Property, plant and equipment work program
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Removed a duplicated step.
Removed references to South African law if not applicable in other countries.
31.10 Trade and other receivables work program
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The name of the document was changed as above.
Corrected an assertion.
31.61 Receivables confirmation summary
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Corrected an issue that prevented the update function from working.
Corrected an issue that caused the reply to one answer to be copied to all items.
Removed the reference to the receivables confirmation statistics that are no longer in Probe
MMX.
32.10 Cash and cash equivalents work program
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Corrected an assertion.
32.60 Bank confirmation
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Inserted space for letterhead.
Corrected incorrect calculations in some date cells that caused “From” and “To” dates to be the
same.
Now allows user to decide name of signatory or firm at the end of the letter.
Unlocked design mode for editing (all user editable documents are now indicated with a purple
title bar).
40.10 Capital and reserves work program
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Removed South Africa specific steps if not applicable.
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50.10 Taxes and levies work program
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Removed references to South African law if not applicable.
51.10 Trade and other payables work program
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The name of the document was changed as above.
Corrected the risk table to hide for small entities.
Corrected an issue where revised performance materiality was not pulled through correctly.
65.60 Directors’ remuneration certificate
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Unlocked design mode for editing (all user editable documents are now indicated with a purple
title bar).
Removed references to South African law if not applicable.
Changed for Companies Act, 2008
74.10 Opening balances and comparatives work program
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Corrected an issue where headings didn‟t show on the Conclusion Tab.
90.10 Blank work program
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Inserted a complete new document, did not exist before
90.20 Substantive testing worksheet
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Changed the number from 90.10 to 90.20
Corrected an error where some cells were numbered the same.
Ensure that 11.60 is refreshed when this document is opened.
Fixed the drop down box which shows the lead schedule information.
Widened some columns to accommodate bigger numbers.
Corrected an issue where anomalous errors were included in extrapolation of sampling error.
90.30 Test of control worksheet
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Inserted a complete new document, did not exist before
Probe firm settings
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Changed the risk descriptions.
Add gross profit, net profit after tax and total liabilities as materiality benchmarks. Firms must
choose in firm settings if they want to use the benchmarks.
Allow firm to base trivial amounts on a range rather than a fixed amount.
Allow performance materiality to be based on a range of figures.
The tab where cycle descriptions can be selected and changed is now hidden because it is not
used yet.
The materiality table was replaced.
Inserted a section where the firm can set minimum sample sizes.
Added ability to switch date and time on or off in footers.
User can select if lead schedule totals should show on work programs or not.
User can select if trivial amounts and individually significant items should show on work
programs or not.
Moved the decision to show assertions on work programs from the document menu to Probe
Firm Settings.
Corrected country code calculation to refer to the correct mapping numbers for Cyprus files.
A tab was added to view and update all document versions.
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General
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Renamed all „audit‟ programs to „work‟ programs
All documents now move with the freeze pane when scrolled.
Fixed an issue where the name of the client and the year end date cut off.
Inserted Frequently Asked Questions, What‟s New and Getting Started links in the “Help” folder.
All documents will now show an update reminder if Firm Settings are out of date.
Added a button that allows the user to switch the update reminder off. It can be switched on
again in the document menu.
The “Update” menu was replaced with a more comprehensive “Help” menu.
Contact us
Main Contact Details
CQS Reception:
+27 11 507 0000
ProBeta Accountancy Development
Reception:
+27 11 886 1395
Help Desk Direct Extension
CaseWare Working Papers:
+27 11 507 0101
CaseWare Time:
+27 11 507 0102
TaxWare:
+27 11 507 0103
SecWare:
+27 11 507 0104
E-mail CQS Support:
[email protected]
E-mail ProBeta Support:
[email protected]
CQS Web Support:
www.cqs.co.za
ProBeta Web Support:
www.probeta.co.za
Other Important Details
Register at www.cqs.co.za for easy access to frequently asked questions, upgrades, downloads and technical
documentation.
Email us at [email protected]:



Feedback
Ideas on service or products
Product information
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