Frequently Asked Questions on AP4.0
#1 What are the System Requirements for AP4.0?
- Any version of 64bit Windows (CH / EN)
- Excel 365 / 2021 or newer versions (CH / EN)
- Minimum 8GB RAM
- Minimum 3GB Free Space on C: Drive
#2 How many workstations can we install?
Do they communicate with each other?
- Every purchase of 20 credits entitle 1 free installation
- Every additional installation is HK$2,000
- AP4.0 is purely offline & run independently.
- Only the user has access to engagement files. Generated files can be moved.
#3 I want to learn more. How to schedule a Demo?
- Demonstrations are free. Contact us by Phone at Tel: 6015-7080, or by Whatsapp at Tel: 9543-3218
- We have large TV screens and projectors in our office, can accommodate up to 20 pax per session.
If you have equipment in your office, we can visit your office.
#4 Is AP4.0 only for SME’s?
Is it more expensive for HKFRS / PE engagements?
- No, AP4.0 is designed to support any reporting framework, including SME, PE & HKFRS
- Credit deduction is the same across all reporting frameworks. The price is dependent on your offer.
#5 When do credits expire?
Can I extend the expiry date if I have unused credits?
- Credits now expire on 31 December 2026.
- If you purchase a minimum of 40 credits, you may extend validity date of unused credits by 12 months. But you must do it before they expire!
#6 AP4.0 is always updating, is it best to wait for all the functions first?
- With technology, there is never an end to updates / upgrades. We suggest to act early to save costs & time.
- EQC believes in rewarding early adopters. Prices will be revised every 6 months as we release new functions.
#7 Does it cost extra to use new functionalities?
- As long as you have unused credits, new functionalities do not cost any extra fees.
#8 What is the cost per audit engagement?
- This depends on how many of the functions you use, and your unit cost of purchased credits.
- But normally we quote HK$500 – 1,000 per audit engagement, depending on how many credits you commit to.
#9 My CPA Practice uses its own W/P Index, is it possible to align to our own Index References?
- Yes. For purchases of 100 or more credits, you may be entitled to customization, including aligning to your index. But it takes approx. 3-4 weeks after payment for such customizations.
#10 Why does the AML screening only search UN Sanctions List?
- For a CPA practice, only screening against UN Sanction List is required, unless if you have high-risk clients (e.g. FATF high-risk jurisdiction clients), or provide specified services to audit clients.
#11 My audit clients have messy accounting records, and they do not use any accounting software, can we use AP4.0?
- Yes, we have developed a plug-in to extract data from ledgers that are in an excel matrix-table format.
- Our plug-in tools do not search for keywords, so even Chinese words are compatible with AP4.0. Our tools recognize patterns to extract data.
#12 Many of my clients only have 1-2 transactions per month?
Is it faster if I just prepare w/p myself?
- Even with few transactions, you can complete an audit engagement within 15 minutes. These include the APM, analytical reviews, leadsheets, movements, confirmation summaries. Even if you do not rely AP4.0 on tests of details, you’ll still save a lot of time.
#13 My Staff are the one who will be using AP4.0.
What if they have technical questions?
- We provide unlimited in-person training for you and your staff every 2 weeks. The free training is provided year-round, and goes through functionalities of the program. Your staff may have their questions answered in our training sessions.
#14 It takes too much time to send staff to attend training, what other support is there?
- We have recorded videos on each function of AP4.0, and there is a user manual available. Most questions can be answered by watching the videos.
- We will produce more videos on specific FAQ over time.
#15 I have watched the videos, but I do not understand what Step 2.4 Map Trial Balance does?
- It maps each account to a Financial Statement line item. Then for each account, it specifies in which files to look for the transactions of each account.
- Account ID / Codes are optional, not mandatory.