Worksheet Columns

Group number

The grouping used is based on the selection made in Configure options. This will be blank for manually added items.

Accounts/disclosures or other matters considered significant

The description of the account/disclosure.

Planning Balance as of [date]

The unadjusted balance on the date when the worksheet was generated. These figures will not update unless the Refresh or Generate button is selected.

If you double-click on an amount in this column, a popup window appears that lists the individual accounts that produce the amount.

Final Balance

The final balance after adjusted journal entries have been included. Note that the planning balance and the current balance may differ, and the current balance should be reviewed for any impact on planned procedures from the original planning balance.

If you double-click on an amount in this column, a popup window appears that lists the individual accounts that produce the amount.

The unrecorded proposed adjusted journal entries in the current year.

If you double-click on an amount in this column, a popup window appears that lists the individual accounts that produce the amount.

Prior Year

The final balance from the prior year.

If you double-click on an amount in this column, a popup window appears that lists the individual accounts that produce the amount.

Prior Year 2

The final balance from two years ago.

If you double-click on an amount in this column, a popup window appears that lists the individual accounts that produce the amount.

The summary of whether a financial statement area is material. This check box is automatically selected if any of the check boxes in the Overall Materiality and Performance Materiality columns are selected. When you hover over this check box, a tooltip appears that displays which of the overall materiality and performance materiality check boxes are selected. This indicates why this area is material.

In the client file, the engagement team can select the Materiality assessment check box to indicate that a financial statement area is material, or clear the check box to indicate that it is not.

Materiality warning indicators can be enabled in the Financial Statement Areas Worksheet section of the AO - General options document.

If the planning balance is not material and the final balance is material, a indicator appears in the Materiality assessment column, indicating that there is a risk of insufficient audit work.

If the planning balance is material and the final balance is not material, a indicator appears in the Materiality assessment column, indicating that there is a risk of over-auditing.

Entering an explanation in the Audit Response Finalisation field removes the warning indicator.

Overall Materiality

Indicates whether the financial statement area is material based on the overall materiality.

This column contains two sub-columns, Preliminary and Final:

• The check box in the Preliminary column is automatically selected if the planning balance exceeds the preliminary overall materiality.
• The check box in the Final column is automatically selected if the final balance exceeds the preliminary overall materiality or the final overall materiality.

When you hover over a check box that has been selected, a tooltip appears that displays the calculations used to determine that the area is material.

You cannot select or unselect these check boxes. To manually override the materiality for this financial statement area, select or unselect the Materiality assessment check box.

Performance Materiality

Indicates whether the financial statement area is material based on the performance materiality.

This column contains two sub-columns, Preliminary and Final:

• The check box in the Preliminary column is automatically selected if the planning balance exceeds the preliminary performance materiality or the preliminary adjusted performance materiality.
• The check box in the Final column is automatically selected if the final balance exceeds the preliminary performance materiality, the preliminary adjusted performance materiality, the final performance materiality, or the final adjusted performance materiality.

When you hover over a check box that has been selected, a tooltip appears that displays the calculations used to determine that the area is material.

You cannot select or unselect these check boxes. To manually override the materiality for this financial statement area, select or unselect the Materiality assessment check box.

Manually select the appropriate check box if the financial statement area is determined to be material for the specific circumstance:

• Classes of Transactions
• Account Balances
• Disclosures
• Other

Relevant Assertions

Right-click and select Change Assertions where applicable. Changes will automatically affect the Detailed Audit Response section in the associated work programs and in the Risk Report documents.

Note: You can enable Optimiser to delete procedures from a work program associated to the FSA, if none of the procedures' assertions match the FSA's Relevant Assertions. To configure the Optimiser to delete these procedures, select the Delete procedures based on risk thresholds in the FSA option from the Optimiser pane of the AO - General options document.

Business Cycle

Right-click and select Insert Business Cycle or click the icon. In the Risk and Control dialogs, when the line item is selected in the Financial Statement Areas section, the associated business cycles automatically populate the dialog.

Other control processes (that impact account/disclosure)

Input area to document other considerations.

Inherent Risk

Control Risk

Residual Risk

Select from the drop-down list the assessment of risk. The assessments automatically populate the same line items in the Risk Report documents.

The names of these risks can be changed in the Financial Statement Areas Worksheet section of the AO - General options document.

RMM

Select the assessment of risk from the drop-down list. When this Optimiser feature has been enabled, a procedure is deleted from a work program if its Threshold value is higher than the RMM for that account and user procedure customizations have not been locked.

The assessments automatically populate the Detailed Audit Response section in the associated work program.

The name of this risk can be changed in the Financial Statement Areas Worksheet section of the AO - General options document.

Summarize the reasoning for the assessed level of risk

The inputted values automatically populate the same line items in the Risk Report documents.

The name of this field can be changed in the Financial Statement Areas Worksheet section of the AO - General options document.

If the Include Audit Response In FSA check box is selected in the Financial Statement Areas Worksheet section of the AO - General options document, the audit response columns specified in the document are included in the Financial Statement Areas Worksheet.

The audit response type for each column (for example, a check box, a Yes-No response, or scoring from 1 to 5) is also defined in the AO - General options document.

By default, there are four audit response columns included:

• A. Substantive procedures - basic
• B. Substantive procedures - extended (sampling, fraud, significant risks, etc.)
• C. Substantive analytical procedures (proof in total, etc.)

• D. Tests of controls (operating effectiveness)

In the AO - General options document, you can rename any of these audit response columns or create additional columns.

Audit Response Finalisation

An input field in which the user can explain the audit risk response to this area. In the work program for this financial statement area, the text in this field appears in the Audit Response Finalisation row of the Audit Response Table.

This field can be changed in the Financial Statement Areas Worksheet section of the AO - General options document.

Initial each assertion to indicate the planned audit response is sufficient to address the assessed level of risk

The data automatically populates the Detailed Audit Response section in the associated work program.

W/P Ref

Annotate to one or more relevant documents. Right-click and select Insert New Reference. Select the appropriate references to create a link to the related document.

Risk Ref.

This column displays a button when there are risks associated to the particular material FSA line. Clicking the button will launch the risk report document and take you to the risks for that particular financial statement area.