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United States Support
Finalize an engagement binder
After completing all engagement tasks in Workpapers CS, you can finalize the engagement binder by protecting all notes, signoffs, folders, and workpapers so that no further changes can be made in the engagement.
To comply with auditing regulations it is a requirement that an engagement binder (for
audit
-type engagements only) be finalized within 45-or -60 days.- Use the Finalize Engagement Binder Wizard to perform the following clean-up and lock-down tasks to complete the engagement.
- Delete all notes (optional).
- Delete workpapers that were marked for deletion.
- Delete all workpapers in the Recycle Bin.
- Change the engagement binder properties to read-only and the binder status to complete.
- Change the status of all workpapers toProtectedto prevent further changes.
- Prohibit the addition, deletion, or editing of notes, signoffs, folders, and workpapers in the finalized engagement.
- List any potential journal entries that have not been addressed.
- The following three-step workflow provides specific instructions related to Notes, Potential Journal Entries, and the deletion of workpapers prior to and during the Finalize process.
- Step 1: Notes
- All notes with a status of open, cleared, or reviewed are listed on theNotesscreen of the Finalize Engagement Binder Wizard. You can choose to delete all notes prior to finalizing the engagement binder by marking theDelete all notescheckbox.
- Select the link for an associated note in the Subject column of the Notes table to open the note in the Notes portlet where you can add to, modify, or delete the note as needed.
- Step 2: Potential Journal Entries
- All potential journal entries that exist in the posting period associated with the period ending date of the current engagement binder are displayed on thePotential Journal Entriesscreen of the Finalize Engagement Binder Wizard. If necessary, you can cancel out of the Finalize engagement binder wizard to make any edits that are required to update any potential journal entries.
- Step 3: Workpapers to Delete
- All workpapers that have theDelete on finalize checkboxmarked in theWorkpaper Propertieswindow are listed on the Workpapers to Delete screen of the Finalize Engagement Binder Wizard. These workpapers are permanently deleted during the finalize process and can't be restored if you choose to unfinalize the engagement binder.
- Mark theRetaincheckbox next to those workpapers that you want to keep when the engagement binder is finalized.
note- You can't run the finalize process if one or more of the following conditions exist.
- The engagement binder has already been finalized.
- There are workpapers that are currently checked out from the engagement binder.
- Right-click the finalized briefcase in the Engagement Binders Tree and chooseUnfinalizefrom the context menu to return the engagement binder back to an active state.
- To rename a finalized engagement binder, you can right-click a finalized briefcase in the Engagement Binders Tree and chooseProperties.
This article applies to:
- PRODUCT: Workpapers CS
- Subject: Engagements,Workpapers