At the top of the Financial Statement Areas Worksheet, business cycles can be added and deleted for the engagement. Business cycles represent the process that initiates, records, processes, and approves transactions and entries that comprise account balances or disclosures.
Once created, the underlying business cycles should then be attached to each financial statement area in the worksheet. You can also reference each business cycle to the relevant Control Matrix and walkthrough documents. Business cycles are also used in the assessment of internal controls.
During the engagement, business cycles and financial statement areas are used when identifying risks and controls. These properties allow the linkage of risks to controls and the assessment of internal controls.
The Audit template includes four default business cycles. Your firm may change these defaults or include additional ones before distributing Audit.
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