IMPORTANT ANNOUNCEMENTS :

  

A.  Change in Content Template System

 

There is a weakness in current template system used for generating disclosure information in audited financial statements i.e. Directors' Report, significant accounts policy and audit letters and correspondence as the system allows both users and developers to edit the same content templates, causing the risk of overriding the users info when developers are trying to provide up-to-date information in template system while upgrading the system.

 

From version 3.006 and onward, content templates are categorised into the system and customised templates:

 

  1. System templates are locked and can only be edited by the developer.
  2. The users with administrator's right of permission can generate quickly a duplicate copy of template with the Duplicate Tool, which can then be modified, edited and configured for use by users in generating disclosure information to audited financial statements.
  3. To avoid loss of template contents which were edited previously on system templates, a backup copy of previous version's system templates are preserved and can be called back to add to customised templates with provided tools.

  

B.  Major new features, update and improvement on new release version 3.006

 

  1. NEW:   Lead schedule's note disclosure tool

     

    The tool revamps the way in drafting the audited financial statements as it allows users to complete lead schedule work and disclosure note side by side.  Upon completion of field works, the note to financial statements is completed simultaneously.

     

    The tool also provides major features that are essential for first-time users and make the software more user-friendly :

     

    1. Autoload relevant disclosure note and detection of missing note number
    2. Auto present all relevant Note Disclosure Tools and auto select appropriate tools for users to generate content i.e. Group-TB-Note Line, Checkbox Note Disclosure, Drop-down Content menu etc
    3. Create, edit, view delete instantly a disclosure note related to that particular lead schedule, that significantly speeds up the reporting preparation process in the latter stages.

       

  2. NEW:  Revamp the method of updating the content while in the process of drafting audited financial statements.

      

    The previous method requires auto-reload of the whole page to have up-to-date information after carrying out reporting tasks like creating, editing or deleting Directors' Report, Auditors' Report and disclosure note.  This takes up the considerable times and computer resources and slows down the reporting process.

     

    The developer now provides a new method of updating content instantly without refreshing the whole page. Instead, only the relevant section of edited or created content is affected.  By doing so the users can expect a significant jump in web server performance, which the developer expect improvement by at least 7 times faster than previous load time.

     
  3. NEW:  Provide new content templates and share capital tools to auto-generate disclosure information in Directors' Report and Note to financial statements in connection with a transfer of share premium to share capital, abolishment of  authorised share capital and no par value of paid-up capital  under  Sec 618(2) and 618(3) CA 2016.

  4. IMPROVEMENT:  To lock protected unique keys and words in management accounting items i.e opening inventory, to avoid unnecessary casting and presentation errors when present the management accounts in financial statements.

      

  5. IMPROVEMENT:   Update foreign currency exchange rate to have latest data as of  25 March 2018.

     

  6. IMPROVEMENT:   Increase the number of gap detection mask pattern for document number i.e. Invoice Number 2010/11/0001 (yyyy/mm/serial no)  to 20 or more.  This caters for most of the document number pattern in the markets and provides auditors with an efficient tool in carrying out the test of audit assertion: Completeness of the transaction.

     
  7. NEW:   Add Transaction Adjustment Journal  to sampling package :

     

    1. Import transaction adjustment journal.
    2. Generate sampling data based on random, judgement, strata basis.
    3. Create a new audit procedure for transaction adjustment journal.
    4. Select generated sampling data, then create an index sub-lead schedule and integrate audit procedures with the schedule.

     

  8. IMPROVEMENT Allow exporting monthly income and expense data from various imported records i.e. sale and purchase journal, general ledger in sampling worksheet and records directly to the system's  Monthly Income and Expenses Analysis.

    The Monthly Income and Expenses Analysis tool provides a neat and clear presentation of data as it can present more than one general ledger accounts with similar nature in a multi-columns format in one schedule i.e. sale relating to trading, manufacture or hotel can be presented side by side on a monthly basis.

     

  9. IMPROVEMENT  Allow administrator to grant permission right of privilege to normal staffs (senior) to create the database(new audit client) and carry out system back-up. 

     

  10. NEW:  Add various statistic tables to sampling package: CVS risk coefficient, assurance guide and reliability factor and confidence factors etc.

     

  11. IMPROVEMENT In previous version sub-lead schedule index and titles can be created more than one on the same schedule while integrating the generated sampling data and audit procedure with the worksheet. This results in untidy presentation of information. 

     

    The system now auto-check and prevent this from happening.

     

  12. IMPROVEMENT Use of the instant update features to avoid loading the whole page on the following Grouping Menu when carrying out the task like create, edit and delete:
      
    1. Financial reporting items.
    2. Management account items.
    3. Statement of change in equity items.

     

  13. IMPROVEMENT  Use of the instant update features to avoid loading the whole page on the following TB Menu when carrying out the task like create, edit and delete:
     

    1. Chart of Account.
    2. An auto sum-up of debit and credit, discrepancy after editing the numeric amount either in debit or credit side columns in TB Edit Menu and update the field accordingly.
    3. Statement of change in equity items.

     

  14. IMPROVEMENT in respect of sampling package where DELETE function in each of function menu:  Import, Generate Sampling Data, Integrate  Worksheet and View Records are confusing.
     
    The DELETE function now is organised in systematic and logical ways such that:
      
    1. Deleting import records deletes everything linked to this records i.e. sampling data and integrated worksheets.
    2. Deleting sampling data delete records using that sampling data only i.e. integrated worksheet but does not affect imported records.
    3. Deleting integrated worksheet delete the record alone without affecting imported record and generated sampling data.

     

  15. IMPROVEMENT by allowing the table of content relating to Directors' Report, audited financial statements in each of the Company to be controlled in System Menu.

      

  16. FIX BUG on sampling package 
     
    1. proposed adjustment appearing twice in AR\AP Adjustment Reconciliation.
    2. Checkbox in the first row of AR\AP Reclassification Tool is wrongly checked.
    3. Validation to prevent the duplicate index.
    4. No audit procedure is integrated with AP when select foreign currency translation of balances.
    5. Add WWW Icon for location link and new tab to view sampling worksheet directly under View Edit Delete button.
    6. Built validation for AR\AP Reclassification and Adjustment Tool to prevent incomplete info, causing SQL error.
    7. other minor bug fixes.

     

  17. FIX BUG on during the process of generating audited financial statements
     
    1. Add system template: Director Interest to Directors' Report when the Company is wholly-own subsidiary and provide a function to auto-detect Directors Report:  Ultimate Holding Company and Directors Interests by cross-checking to confirm the existence of corporate shareholding and its controlling interest in statutory records.
    2. Spacing Adjusting tool located in accompanying note of the financial statement does not appear when loading the page.
    3. Auditors' Report: the company number repeat twice under name of the Company.
    4. Add new system template to Other Statutory Information in Directors' Report.
    5. Allow disclosure note to be bracket when they are the debit side in operating income or vice versa.
    6. Add system template to financial instruments relating to MFRS for disclosure note and ensure that correct content is correctly generated when MFRS is adopted.
    7. For disclosure of cash purchase of property, plant and machinery under Statement of Cash Flow, do not show any amount when there is no such amount in the current and comparative year.
    8. Solve issue where 2 single quotes ('')appearing in name of the Company.

  18. FIX BUG by removing Sch 9 wording through software when Company Act 2016 applies and provide further disclosure Directors' Remuneration in F-11.

     

  19. FIX BUG where remove duplicate name-checking when creating card information as it is possible to have the same name as the Director.

     

  20. FIX BUGS in assets and loan plugin, including unexpired interests and other minor bug and improvements.
     
  21. FIX  spelling and grammar errors both in scripts and content templates in auditSME.
     
  22. IMPROVEMENT  AND FIX BUGS:    Fix various bugs in respect of plug-ins, error panel, reporting etc.


Thursday, May 3, 2018

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