• Financial Statement Areas Worksheet
  • Audit Areas
  • Automation of risk assessments and audit responses
  • Other Control Processes
  • Customizing the Worksheet
  • Filters and Views
  • Planning in the Financial Statement Areas Worksheet
  • Risk Assessment in Financial Statement Areas Worksheet
  • Risk Response in Financial Statement Areas Worksheet
  • Financial Statement Areas Titles and Totals
  • About the Financial Statement Areas Worksheet
  • Worksheet Columns
  • Buttons
  • Configure Options
  • Financial Statement Areas Worksheet Menus
  • Adding a subtotal to the FSA Worksheet
  • Inserting Titles Rows
  • Displaying and Adjusting Columns
  • Adjusting the view in the Financial Statement Areas Worksheet
  • Associating Assertions and Business Cycles to an FSA
  • Assessing Materiality in the FSA
  • Assessing Risk in the FSA
  • Responding and Finalizing an FSA Item
  • Inserting a Audit Area

Business Cycles

At the top of the Financial Statement Areas Worksheet, business cycles can be added and deleted for the engagement. Business cycles represent the process that initiates, records, processes, and approves transactions and entries that comprise account balances or disclosures.

Once created, the underlying business cycles should then be attached to each financial statement area in the worksheet. You can also reference each business cycle to the relevant Control Matrix and walkthrough documents.

During the audit engagement business cycles and financial statement areas are used when identifying risks and controls. These properties allow the linkage of risks to controls and the assessment of internal controls.

The Audit template includes four default business cycles. Your firm may change these defaults or include additional ones before distributing Audit.

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