The Financial Statement Areas (FSA) Worksheet is used to identify significant accounts, financial disclosures and particularly sensitive areas. This 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.
When working in the FSA Worksheet, you can:
- Populate the financial statement areas by generating the worksheet by the desired grouping option (for example, mapping, leadsheet, grouping).
- Ensure that any line items with amounts that are above overall materiality or performance materiality at financial statement level are automatically checked. They can be overwritten by the user when necessary. Items to be considered for specific performance materiality by classes of transactions, account balances, disclosures. and other need to be manually checked off by the user where applicable.
- Record the business cycles that initiate, record, process and approve the transactions and entries that comprise the account balance or disclosure.
- Reference each process to the assessment of internal control and the relevant work program where the risk is addressed.
- Select the scoring of each risk applicable for each financial statement area if included (set in AO – General options).
- Select the audit response columns for each financial statement area to reflect in the detailed audit response for each work program if included (set in AO – General options).
- In the FSA row for entity level and IT general weaknesses and controls, specify any risks or audit response fields that apply to the entity as a whole. (The name of this row can be set in AO – General options.)
- Adjust the FSA Worksheet to display the relevant items for your engagement.
- Insert the Risk Report above the worksheet to display risks that are relevant to all assertions.
- Select the columns in the FSA Worksheet that are to be displayed or hidden. Display settings are not retained on exiting the worksheet. When re-opened, the columns will be present.
- Insert titles and totals to organize the FSA Worksheet and make it easier to read.
Note: The FSA Worksheet can contain a maximum of 200 items.
This online help system applies to all Caseware Audit, Review and Compilation products. Not all features are available in all products.