Materiality Details in Audit Workpaper File, Time Stamps and Added External Query Columns

Materiality Details in Audit Workpaper File, Time Stamps and Added External Query Columns

Introduction

We’ve rolled out a few exciting updates to make your audit process even more streamlined, insightful, and responsive. Here’s what’s new:

Detailed Materiality Assessment Now in the Audit Workpaper File

  1. Previously, your audit file only included a summary of the materiality assessment.
  2. Now, we’re taking it a step further by listing all accounts that are material to the audit—right inside the audit file.
  3. This added detail makes your audit documentation more comprehensive and better aligned for ATO reviews.
  4. Click here to know more in detail.

Additional Columns to Prioritise Follow-up and Response for External Queries

  1. We’ve added two new optional columns that can be enabled in your modules, to enhance your External Query workflow, improve response management, reduce resolution time and stay on top of your Open External Queries.
  2. These columns are available on the Manage Queries module, Manage Jobs > My Audit Job, Completed Audit Job, and Deleted Audit Job.
    1. Last Query Sent
      1. Displays the date and automatically updates every time you send a query or reply via Auditomation.
      2. You can sort queries based on the Last Query Sent date, helping you prioritise follow-ups and focus on queries that have been pending the longest.
    2. Last Response Received
      1. Displays the date and updates whenever a reply to a query is received from the accountant (via SMSF Sorted).
      2. Helps you sort and manage responses efficiently—responding on a first-come, first-served basis and keeping your audit flow smooth.
      3. Click here to know more in detail.

Include Time Stamp

  1. We’ve added a new checkbox to Include Time Stamp when generating audit reports.
  2. By default, this checkbox is Off.
  3. If Selected, the report will include both Date and Time stamps—as it does currently.
  4. If Not-selected, it will only show the Date.
  5. This gives you more control over the level of detail you want in your audit documentation.
  6. Click here to know more in detail.

To learn more about the process, explore best practices, and make the most of our features, please visit our Knowledge Base. Contact our Support team if you need any assistance.

    • Related Articles

    • External Query

      Introduction In the Auditomation portal, you can raise an External Query if you come across incomplete or missing workpapers or have questions about suspicious elements that need to be answered by someone outside your firm. How to Raise an External ...

    • SMSF Auditomation Portal New Version Release - Enhanced Features

      Introduction We're thrilled to introduce the latest UI release of the SMSF Auditomation Portal, packed with incredible enhancements that will redefine your experience. Get ready to explore the future of auditing with these exciting features: Enhanced ...

    • Internal Query

      Introduction In the Auditomation portal, you can raise internal queries when you come across incomplete or missing work papers or have questions about suspicious elements. Internal queries are meant to be answered by someone within your firm. ...

    • Completed Audit Job

      Introduction All the completed Audit Jobs/Audit Files are listed here and the details for the jobs in Completed Audit Job are in view-only mode. Once a job is completed, the Audit File for that job is locked and no changes can be made from there. You ...

    • Materiality

      Introduction Materiality refers to the nature of a transaction or an amount and includes many financial and non-financial transactions that, independent of the amount, may help the users with the decisions/with an overview of the materiality. ...