Risk Assessment and Identification
As part of the audit process, risks must be identified for your client engagement and your audit designed to address these risks. The template has automated the accumulation of risks to help you easily manage and track client risks. Risks identified throughout the audit will be accumulated for assessment in the risk reports. Risks can also be linked to specific audit procedures to indicate where the risk has been specifically addressed. Once risks have been identified, the engagement team can identify the controls to mitigate these risks.
Auditors are required to gather information to assess controls, evaluate the information to assess controls at the assertion level, and design and perform audit procedures based on the assessed controls. These controls are then evaluated and conclusions are formulated.