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Assess risk with the individual risk assessment summary forms

You can edit the individual Risk Assessment Summary Forms (CX-7.1) to complete a risk assessment for each audit area. These forms show the identified risks organized by assertion.
  1. Select a summary form to open it.
  2. Select
    Yes
     or
    No
     to indicate whether the audit area is significant.
  3. Select
    Yes
     or
    No
     to indicate whether you plan to test controls.
  4. Consider identified risks and select
    Low
    ,
    Moderate
    , or
    High
     to assess Inherent Risk and Control Risk for each assertion.
  5. Based on your answers, the application will suggest an audit approach. Accept the suggested approach or choose a different one based on your audit judgment.
  6. Go to the Overall Financial Statement Risks form.
    1. Review the planned audit response to identify risks and make any changes.
    2. Review the list of risks identified as affecting the financial statement in general.
    3. Edit the planned audit response text, add comments, or make changes to the text as needed.
  7. Select
    Save
     then
    Next
     to go to the next audit area.
  8. Complete steps 1-7 until you've filled out a form for each audit area.

This article applies to:

  • Product: Guided Assurance
  • Subject: Audit

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