The Financial Statement Areas worksheet is a valuable audit tool, as it accumulates all of the financial statement areas for an engagement in a central location where various properties can be associated. The Financial Statement Areas (FSA) Worksheet consist of three important components,
- Risk Assessment
- Risk Response
These components are updated in different stages during the engagement. As part of the risk assessment, auditors are required to gather information to assess risk, evaluate the information to assess risks at the assertion level, and design and perform audit procedures based on the assessed risks. The FSA provides the ability to,
- Select the scoring of each risk applicable (manually or automatically populated) for each financial statement area to control which procedures are inserted or hidden in the linked work programs.
- Reference each process to the assessment of internal control and the relevant work program where the risk is addressed.
- Select the relevant assertions to control which procedures are inserted or hidden in the linked work programs.
This online help system applies to all CaseWare Audit, Review and Compilation products. Not all features are available in all products.