Defining the Settings for Financial Statement Areas Worksheet
Note: This feature is not available in the SSARS 21 template.
The FSA Worksheet provides an input area where the engagement team can document other considerations that may impact significant accounts, financial disclosures and sensitive areas. As the Firm Author, you can determine whether this column displays or not. You can also specify the name of the column.
Procedures
- In the AO - General options document, click Financial Statement Areas Worksheet.
- Fill in the applicable fields and options:
Fields/Options | What to do... |
---|---|
Row - Entity level and IT general weaknesses and controls |
Terminology Type a new entity level row title in the Terminology text field. Risk assessment at entity level New! Select the Risk assessment at entity level to automate RMM on a entity level. Notes
|
Materiality Warning Indicators |
Note: The Include Audit Response in FSA option needs to be enabled for indicators to display. Select the Show warning indicators when Final materiality and Overall materiality are different check box if the warning indicators are to be displayed, or clear this check box if they are to be hidden. The default is to display the indicators. For more information, see Assessing Materiality in the FSA. |
Additional Column |
Select the Include column checkbox to provide an input area where the engagement team can document other considerations that may impact significant accounts, financial disclosures and sensitive areas. Click the Terminology field and type the name of the column if you want to change the name. |
Risk Columns |
Terminology Select the default risk type or modify the risk terminology by selecting Other from the drop-down menu. Scoring Choose the appropriate scoring using the drop-down menus. Include Select to include the risk type in the FSA. Note: To have the assessed risk populate in the work programs rather than populating the RMM in the FSA, ensure that the Include checkbox for Risk 4 - RMM is cleared. |
Automate Risks Assessment |
Select to automatically suggest a risk assessment level for assertions to populate in the Financial Statement Areas report. The suggestions will be based off the risk and controls in the engagement Automate the assessment of Inherent Risk Select to populate inherent risk from the Risk Dialog to the FSA. It accumulates the sum of all the assertions for each risk assigned to a specific FSA area and takes the highest value per FSA and assertion. Automate the assessment of Control Risk Select to populate control risk based on the auditor's conclusion from the control matrix. Automate the assessment of RMM Select to populate the RMM based on the scoring defined in the Define RMM Scoring dialog. Click to open the Define RMM Scoring dialog. New! Audit response columns can now be automated based on RMM, inherent and control risk scoring. Select from the following letters:
Note: If inherent and control risks are not automated, then the automatic assessment of RMM will be populated from the Risk dialog. It accumulates the sum of all the assertions for each risk assigned to a specific FSA area and takes the highest per FSA and assertion. |
Audit Response Columns |
Terminology
Select the default terminology name by select other and typing a new value. Audit response type Select an applicable audit response type from the drop-down. Include Select or clear to include the response type to the FSA. Click the icon to select the corresponding groupings/subgroupings. The selections determine which procedure groupings should be included or excluded, depending on the responses given in the FSA. Note: If there are no procedures that match the response type in the client file, a warning will display. |
- Select the Check when completed check box.
Results
You have now specified the settings for the Financial Statement Areas Worksheet.