Constellation™ provides a user the ability to configure various views and reports to display all the key knowledge accumulated in the engagement file at different stages of the audit. The views and reports will ensure the auditor can identify, assess and respond to those risks that have the potential to materially affect the financial statements. Constellation comes with preconfigured views to assist the user in reviewing key relationships.
Using this Constellation feature, you can do the following:
- Easily and graphically see the relative importance of FSAs, risks and controls focusing staff's attention on the most critical parts of the engagement.
- Assess if the impact of identified risks on FSAs is complete.
- Detect any gaps in audit work or evidence, for example any risks that are not responded to.
- Isolate identified controls that may not be properly considered with the risk resulting in possible over-auditing.
- Displays areas where the engagement team may be over-auditing.
- Filter and zoom in on a specific part of the engagement, for example a business cycle.
How it Works?
The Constellation feature populates specific data from the following areas in the Audit template into a graphical representation:
- Financial Statement Areas (FSAs)
- Business Cycles
- Reportable Items
- Entity level risk Categories
It maps any direct relationships between these areas and generates a graphical representation based on the user selections.
Users can select between three different constellation layouts
For more information on these layouts, see Constellation Layouts.