¶ 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 **→ **ClickEdit
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 →
SelectEdit risk
When you are done, click
Save.