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Risk Identification

As part of the audit process, risks must be identified for your client engagement and your audit designed to address these risks. The template has automated the accumulation of risks to help you easily manage and track client risks. Risks identified throughout the audit will be accumulated for assessment in the risk reports. Risks can also be linked to specific audit procedures to indicate where the risk has been specifically addressed. Once risks have been identified, the engagement team can identify the controls to mitigate these risks.

To assist the engagement team, your firm author has the ability to create pre-defined common risks in the master template and define how all risks are to be accumulated. By default, the template includes a set of pre-defined risks that can be used or removed as necessary.

For additional help, see the Audit QuickVid - Documenting Identified Risks.

Risks appear in the following areas:

  • FSA- Identified risks are shown on the FSA item the risks are linked to on an assertion level.
  • Risk Report -The risk report shows all of the properties of all risks identified. For procedures linked to a risk, the completion response of the procedures is also shown.
  • Work Programs and Checklists- In the Risks Addressed or Risks Identified tabs in the mini risk report at the top of work program and checklist documents. The Risks Addressed tab displays risks if the document has been marked in the Addressed risk field or the risk is Entity level . The Risks Identified tab displays risks if the document has been marked as the Source.
  • CaseWare Constellation - risks are a key element of Constellation, providing views that allow users to easily see if a risk has been mitigated by controls and or responded to sufficiently through audit procedures.
  • CaseWare Q - the total number of risks and significant risks identified is published to Q.

Note: Your firm author may have disabled risks when creating your client file.

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