Set client up allowing time for creation/sync of data
Before any work is started, all parties (preparer, manager and partner as appropriate) discuss assignment:
Overall approach
work required, including changes to standard approach
time expected and deadlines, including a limit for hours spent after which further discussion with reviewer is need
other issues such as materiality, etc
Preparer to complete planning workflow (including assigning checklist and star/unstar reconciliations in Preparation workflow). Complete any points forward or Points for client as needed
Reviewer reviews planning and all review points raised are cleared by preparer. Workflows 2 and 3 are not started until planning is signed off.
Preparer:
completes Preparation and Accounts workflows as far as possible (100% is target for Preparation workflow, Accounts workflow will vary depending upon client type but will not get to 100% until assignment is finally complete), clearing simple questions with reviewer as the assignment progress.
Completes Tax Risk Assessment and then obtains tax input as need.
Produces (via export) first set of draft account and review for reasonableness.
Preparer completes the first part of Completion workflow:
Accounts checklist
Key Documents – Completion Draft Documents: Pre Manager Review
Complete any Points forward or Points for client as needed
Preparer raises To Do message and tags manager "Ready for review", including any notes of any outstanding issues
Manager reviews Preparation and Accounts workflows, raises review points that are cleared by reviewer as far as possible (Points for Client may also occur here)
Once all manager review points cleared, manager completes workflow 4b Manager Review and preparer:
Completes Key Documents – Completion: Post Manager Review
Sends Exports bundle: Pack - Partner Review and tags partner in Silverfin that file is ready for review
Partner reviews the file, raises review points that are cleared by preparer/manager. Any adjustments are made to accounts/papers and then changes Key Documents – Completion: Post Manager Review documents as needed.
Preparer Exports bundle Pack - Client Meeting, which is discussed with client for their approval, any further input to clear o/s Points for Client, changes needed to accounts, etc
Any changes to accounts processed, Points for Clients and Points Forward cleared/updated, Completion workflow: Completion Questionnaire then used to track completion of accounts to client for signing, etc.
Partner signs off workflow 4c Partner Review. Discuss costs on assignment (including estimate for final stages) re fee. Completed workflow 4: Completion Questionnaire – costs/fee questions.
Preparer sends signing pack including accounts, LoR, Opening balance adjustments, to client
Liaise with client re posting of opening journals and, once done, mark adjustments in Silverfin these as posted in client system to return workflow 2 to 100%.
Signed documents are then filed in Silverfin and the Key Documents – Completion: Signed Documents completed
Workflow 3 Accounts taken to 100% by:
Overview –Draft accounts option changed to Final and Type of report changes to Fileted.
General Settings - dates of accounts approval and accountants report completed, Draft accounts changed to Final and Type of report changes to Fileted.
Workflow 4: Completion questionnaire then completed as accounts are filed with Companies House and HMRC. This should take workflow 4 to 100%.
