Audit

Identify risk in Guided Assurane

Significant risks require a specific audit response and generally relate to non-routine transactions and complex or judgmental matters. When you identify risks, your audit program will include extended, substantive procedures for the assertions affected by the risk.
  1. Open an engagement in Engagement Manager, then select any of the forms to open it.
    In Guided Assurance, after you create an engagement, the first step in completing the engagement is identifying risks.
  2. Select a required form from the
    Identify Risks
     drop-down menu and identify risks using the Identified Risks pane.
  3. Select the arrows to read tips and instructions.
  4. Select expand to expand items and complete the forms.
  5. Link to paragraph guidance in Checkpoint.
  6. Select Save
    Save
     to save information before proceeding to another form.
  7. Select
    Next
     or select another form from the
    Identify Risks
     drop-down menu.
  8. Select add in the Identify Risks pane to add risks.
    Identify risks pane
  9. Enter information about the identified risk and check any audit areas affected by the risk.
  10. Select any assertions affected by the risk for each audit area.
  11. Select
    Continue
    .
    You can edit or delete existing risks within each planning form using the Edit and Delete in the Identified Risks pane.
  12. You have the option to use the formatting for the comment boxes such as bold, italic, underline, and add workpaper reference.
  13. As you complete the planning forms, you can add to the engagement any risks that could result in material misstatement of the financial statements.
  14. When you've completed all planning forms, you're ready to continue to the next step, where you'll assess the effects of risk.

This article applies to:

  • PRODUCT: Guided Assurance
  • Subject: Audit