Add Risk

AuditDesktop provides several ways to add a new risk:

• Open the Risk register → Click the
  Add button or right click
  in the table → Select **Add
  **
• Right click on a working paper → Select
  Identified risks → Click
  Add risk
• Open the Statement of financial position
  analysis** → **Right
  click in the table or on a risk **→ **Select
  Add risk
• Open the Income statement analysis
  → Right click in the table or on a risk ****→ ****Select
  Add risk
• Open the Risk matrix → Right click in the table
  or on a risk → Select
  Add risk

When an item is marked as material or is part of management assertions,
you can set the risks to be automatically added.

Tip

When you identify a risk through the Statement of financial position
analysis or Income statement analysis, the respective item will be
automatically marked. You can unmark it, if you want.

• Risk – enter a short description of the identified risk.
• Likelihood – by default marked as Undefined. You are not
  required to select its value in initial risk identification. When
  you do so, the program will automatically assess the Risk level.
• Impact – by default marked as Undefined. You are not
  required to select its value in initial risk identification. When
  you do so, the program will automatically assess the Risk level.
• Significant – mark if the risk is significant. When the risk
  level is High or Very high, the program will automatically
  mark it as Significant. Unmark the box if you want.
• **Fraud risk **– carries only informational purpose for now.
• Affect statements – whether the risk affects the entire
  statement, i.e. all statement items.
• Affect materiality – whether the risk affects the determining
  of materiality.
• Description – you can enter a more detailed description of the
  risk.

Details

• Management assertions – mark the management
  assertions affected by the risk.
• Statement of financial position items – mark the Statement of
  financial position items
  affected by the risk
• Income statement items – mark the Income statement
  items affected by the risk

Control activities

• Control activities – select the identified control activities
  (if there is any).
• Description – short description of the control activity (if
  added).

When you are done, click
Save.

Edit Risk

The Edit risk window is identical to the one for adding risks. It
can be accessed through:

• Risk register → Click
  the Edit button or right
  click in the table → Select
  Edit from the context
  menu
• Working paper → Right click on it → Select Identified
  risks **→ **Click Edit
  risk
• Statement of financial position analysis → Open the Risks
  tab in the lower part of the screen → Right click on a risk → Select
  **Edit risk
  **
• Income statement analysis → Open the Risks tab in the lower
  part of the screen → Right click on a risk → Select
  Edit risk
• Risk matrix → Right click in the table or on a risk →
  Select Edit risk

When you are done, click
Save.