• Risk Identification
  • Creating and Modifying Risk Reports
  • Linking Procedures to Risk
  • Risk Identification
  • Risk Report
  • Adding a Risk
  • Importing individual risks
  • Linking procedures from the risk dialog
  • Linking risks from the procedure
  • Risk report customization

Risk Identification

As part of the audit process, risks must be identified for your client engagements, and your audit must be designed to address these risks.

As a Firm Author, common risks can be pre‑defined in the master template to be used and modified by the engagement team in each client file. Risks can also be linked to specific audit procedures to indicate where the risk has been specifically addressed. Note: all risks identified are accumulated in the Risk Reports.

Pre‑defined risks provide your engagement teams with a library of risks to help them in identifying all relevant risks to the engagement. As well, some of the fields can be completed in advance and linked to common procedures, providing further time savings at the engagement level. As a best practice, you may wish to add an identifier to the pre‑defined risks in the template to differentiate them from risks identified during the engagement.

Risks appear in the following areas:

• In the Risk Report document. Filters may exclude particular risks.

• In the Risks Addressed or Risks Identified mini risk report at the top of work program and checklist documents. The Risks Addressed report displays risks if the document has been marked in the Addressed risk field or the risk is Entity level . The Risks Identified report displays risks if the document has been marked as the Source.

• In the Risks Addressed or Risks Identified mini risk report at the top of the Financial Statement Areas worksheet. The Risks Addressed report displays Entity level risks. The Risks Identified report displays risks if the worksheet has been marked as the Source.

• In the Control dialog as risks addressed, if either the financial statement area or business cycle affected in the risk match with what is selected in the control.

• In the Control Matrix as the risk factors. Filters may exclude particular risks.

Note: In the AO - General Options document, you can disable risks if they are not needed in your client files.

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