Add and Edit Risks

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.

• 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.