How do I use the '3-210 Risk Assessment' workpaper?

The Risk Assessment Summary worksheet provides a consolidated summary of important information contained within the Risk Report (RRPT) and the Financial Statement Areas (FSA) worksheets. 

It can be used by the engagement partner, and other senior engagement team members, with review responsibilities on an engagement. 

It has been designed to help reduce the extent of time spent navigating to, and reviewing, relevant sections of the audit file related to those financial statement areas containing risks assessed as higher and significant on the engagement file. 

This document contains tables of risk groups from both the RRPT:

And the FSA:

These tables can be filtered by using the filter boxes in the Prepare the document section.

The first option affects the look of the RRPT table.

The Detailed option will show columns of all of the risk’s details.

The second filter option will show and hide risks depending on the Inherent risk column of the table.

To add a new item to the worksheet, navigate to the trial balance and select the L/S column for the account you want to add.

Select the dropdown arrow and select New.

Specify the details for your new group. At minimum, specify the Group No. and Name fields. This will help you differentiate between groups. Select Ok when done.

Navigate to the FSA worksheet. Right-click anywhere inside the table and select Insert New Item.

A new row will be inserted below.

Select the dropdown menu to the far left and locate the new group (C.03 in this example).

Save this and navigate back to the Risk Assessment Summary worksheet.

Open the Settings menu and select the FSA Areas option.

The “Include Additional FSAs” checkbox will allow you to add new items into the worksheet.

Use the dropdown menu to specify how many areas you would like to add. An ADD_FSA_Item section will appear in the navigation pane on the left.

Scroll down to the new section and use the grey dropdown box to select the new group.

This will add the new FSA group to the Risk Assessment Summary worksheet.

You also have the option to exclude the risk tables and conclusion from the worksheet. To do this click the (+) button next to Settings and FSA Areas.

​These two checkboxes will toggle the visibility of the conclusion and risk tables.

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