The Review engagement module adds to Ledger what a CSRE 2400 review requires: acceptance, planning, a program for each line item, completion, the conclusion and the report. Everything starts from the file you already have: the trial balance, the groupings and the financial statements.
Client risks, acceptance or continuance, and the firm's independence. A prohibited situation that is checked but not declared is flagged. On a first engagement, the letters to the predecessor accountant are added to the file.
Knowledge of the entity, its cycles and year-end cut-off. Materiality is calculated from the trial balance: you choose the base and the percentage, Ledger proposes performance materiality and the clearly trivial threshold. Each line item is then compared to materiality and proposed as significant or not. A time budget and an engagement plan are available if you want them.
Cash, receivables, inventories, capital assets, payables, debt, equity, revenue, expenses: each line item has its program, with its inquiries and analytical procedures. A program only gets a tab if its items have amounts. A non-significant item, with no risk identified and no procedure planned, can be limited to its conclusion.
Going concern, related parties, commitments and contingencies, subsequent events, journal entries, legal counsel, and changes in policies or estimates. Uncorrected misstatements add up and are compared to final materiality.
You state the nature of the matter, if there is one (misstatement or limitation), and whether it is pervasive. Ledger derives the conclusion: unmodified, qualified, adverse, or disclaimer of conclusion. The review engagement report carries it and prints with the financial statements, in English or French, with the paragraphs you need: going concern, special purpose framework, other matter, restriction on distribution.
Each answer carries the initials and date of the person who gave it. Prepared, reviewed, approved by the partner: each signs off in one click. The analytics compare the year to last year and the budget, with the usual ratios: days in receivables, inventory turnover, gross margin, working capital.
When the framework chosen is the one for NPOs, the questionnaires switch to their NPO version, and the financial statements take the presentation of a not-for-profit organization.
Your client moves from compilation to review and applies ASPE (Section 1500) or ASNPO (Section 1501) for the first time? One setting in the file, and everything follows: the third balance sheet column, the note on the impact of the change in framework, the letter paragraphs and the report's other matters. The First-time adoption working paper prepares the transition entries.
Opening balances have their questionnaire, and the first-engagement letters are added: to the predecessor accountant and the client's authorization.
Engagement letter, management representation letter, firm independence, documents to provide, letter of findings, the first-engagement letters (predecessor accountant, client authorization), and the one to the successor when needed. The choices are proposed from your answers to the questionnaires.
When you roll the file forward, acceptance and continuance come back with last year's answers, to confirm. Follow-up points and uncorrected misstatements carry forward to the next file.
$500per year for the firm
plus $150 per year for each additional user
Monthly: $50 and $15.
The module adds to the Standard or Premium plan, in Settings › Billing. You remove it at renewal, whenever you want. Compilation stays included in both plans.
See the plansIn Settings › Billing, in one click. It adds to your Standard or Premium plan.
No. The engagement type is chosen file by file. Your compilations keep their forms and their compilation report.
Yes. The questionnaires, letters and review report print in English or French, with the same answers.
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