• Work Programs
  • Check for Update Summary
  • Check for Updates within a Work Program or Checklist
  • Creating and Deleting Documents and Folders
  • Procedure Guidance
  • Procedure Highlighting
  • Import Procedure Dialog
  • Updating the File
  • Updating Work Programs and Checklists
  • Procedures Columns
  • Check for Updates Procedure Columns
  • Columns
  • Comparison dialog
  • Options menu
  • Procedures menu
  • Work Programs Menus
  • Adding an identified risk
  • Creating a New Procedure
  • Adding new sub procedures
  • Inserting Procedures from Content Library
  • References
  • Assigning procedures
  • Associating a risk to a procedure
  • Document Guidance and Conclusions
  • Check for Updates within a Work Program or Checklist
  • Copying Work Programs
  • Creating New Work Programs
  • Deleting procedures and sub procedures
  • Deleting references from work program procedures
  • Completing Work Program Procedures
  • Editing existing procedures
  • Highlighting procedures
  • Importing procedures
  • Inserting the detailed audit response
  • Locking Customizations to Work Programs
  • Marking a procedure as sensitive
  • Reallocating assigned procedures
  • Removing highlights from procedures
  • Reviewing deleted procedures
  • Saving as PDF
  • Sorting procedures and sub procedures
  • Assertions
  • Areas - Audit Response
  • Conclusions
  • Guidance
  • Completing Work Programs - Overview
  • Locking
  • Mini Risk Report
  • Objectives
  • Procedures
  • Work program/checklist progress report
  • Risk
  • Results and Sign Offs
  • Work program/checklist progress report
  • Adding a new objective
  • Adding or changing an assertion
  • Adding or changing an objective
  • Comparing or replacing a modified procedure
  • Completing the detailed audit response area
  • Deleting an objective
  • Displaying assigned procedures
  • Editing the Conclusion Area and Signing off
  • Editing objectives text
  • Filtering Procedures
  • Including new documents in a Work program/checklist progress report
  • Inserting the Mini Management Letter Report
  • Inserting the assertions area
  • Inserting the Mini Risk Report
  • Inserting the objectives area
  • Linking Risks to Procedure
  • Sorting objectives
  • Specifying the mini risk report type
  • Creating a Work program/checklist progress report

Completing the detailed audit response area

To complete the Detailed Audit Response area:

1. Answer the questions in the Detailed audit response considerations section, and determine the impact (if any) on the audit plan.

   

2. Determine the Assessed risks at assertion level and whether the assessed risks have changed from the previous period. This section is automatically populated from the Financial Statement Areas worksheet, RMM column.

3. Using professional judgment, determine the appropriate nature and extent (mix) of audit procedures to address each assertion. If your firm has elected to include the audit response columns in the Financial Statement Areas worksheet, this section is automatically populated from the worksheet instead of manually in the work program document. The types of suggested audit procedures include:

1. Substantive procedures - basic are typical procedures performed on most audits. These procedures should always be tailored to address the assessed risks with any unnecessary procedures removed. Where the risk of material misstatement is very low, no further procedures may be required.

2. Substantive procedures - extended are procedures performed in situations where the assessed risks for an assertion are higher than what would be covered by basic procedures, where specific or significant risks exist. These procedures also include tests of detail using sampling techniques.

3. Substantive analytical procedures can be used where an amount can be predicted and then compared to actual amounts.

4. Tests of controls are used to evaluate the operating effectiveness of controls at the assertion level. Depending on the extent of testing, tests of control may reduce risk from a high level to moderate or even low levels.

Points to consider:

• Audit procedures that address multiple assertions may eliminate or reduce some other tests.

• Perform tests of controls over comparable test of details. Sample sizes are generally smaller.

• Work performed (such as tests of controls) on other parts of the transaction stream.

4. Using professional judgment, determine whether the outlined procedures are sufficient to address assessed risk.

This online help system applies to all CaseWare Audit, Review and Compilation products. Not all features are available in all products.