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Planning in the Financial Statement Areas Worksheet

The Financial Statement Areas 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. The Financial Statement Areas (FSA) Worksheet consist of three important components,

  1. Planning
  2. Risk Assessment
  3. Risk Response

As part of the planning process, the FSA provides the ability to,

  • 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.

  • 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.