How do I record a new risk?

How do I record a new risk?

To record a new risk in either an Agile Audit or SMSF Audit engagement file:

  1. Click the Add button in the black banner on the right hand side and select Risk:

  2. Enter a Title and Description for the risk (the ID field is optional)
  3. Complete the following fields:
    1. Level - Financial Statement or Assertion level risk
    2. Type - Normal, Significant or Fraud
  4. For Assertion level risks:
    1. Click the   next to Areas/Cycles and select the relevant financial statement area from the drop down list
      NOTE: this is a documentation option only and does not drive any automation in the file, so you can choose use just the top level groups, and/or drill down where relevant

      Then click anywhere outside the drop down list to close it
    2. Select the relevant combined assertions listed for each area selected:
      1. C - Completeness
      2. E - Existence
      3. A - Accuracy
      4. V - Valuation For more information on these combiner assertions, please refer to this FAQ: What are CaseWare SMSF Audit’s assertions?
  5. Click the  for both References and Audit Response, and refer to the relevant workpapers in the engagement file. Click anywhere outside the drop down lists to close them
  6. Consider now clicking the  next to each checklist selected, to further reference to one or more procedures within them - we recommend doing this for the Audit Response references as a minimum, as this results in an icon appearing next to the relevant procedure in the checklist:

  7. Click Save.

Once risks have been recorded, they can be reviewed by either clicking Risks on the black banner at the top of the screen, or by opening 170 Risk Report in the Planning section.

NOTE: there are 2 risks already recorded in the SMSF Audit Risk Report, that must be considered on all engagements

To expand a risk in this screen, click the relevant risk to open the risk card.  Each card contains comment boxes to allow audit responses and conclusions to be documented.  

To record a contravention or an item to report to the administrator/trustees that relates to a risk, record an issue in the relevant card.

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