Financial Statement Areas Worksheet
As part of the planning process, the Financial Statement Areas (FSA) Worksheet can be used to identify significant or high risk accounts that may require substantive procedures and accounts where the auditor can rely on performing test of controls. The FSA Worksheet also provides your engagement teams the ability to:
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Link significant areas to work programs.
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Associate applicable business cycles.
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Define relevant assertions.
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Evaluate Inherent, Control, Residual and RMMs at the assertion level.
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Develop the audit approach.
Audit includes document FSA - Financial statement areas worksheet
Note: The FSA Worksheet can contain a maximum of 200 items.