How does the Risk Assessment (2-250) worksheet work and how does it influence the engagement?

How to use the Risk Assessment worksheet?

1. You can access the risk assessment worksheet by clicking into the risk assessment report

Or by clicking into the risk tab at the top on the black bar

2. The risk report and risk assessment worksheets can be found in the worksheet, just click the tabs to switch between the two of them

3. Click on the item to expand.

4. To activate the Inherent Risk (IR) anthe Control Risk (CR) columns, press the Column filter and check IR and CR.

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5. When the Financial Area is expanded, it will look like this.

6. The last column of each assessment is calculated based on the answers provided in the first two columns. You may override this by selecting the assertion level you prefer.

The checklists under Phase B (i.e. B.10 to X.10) will only appear within the engagement when the Risk of Material Misstatement (RMM) criteria in the risk assessment worksheet has been performed. This means that to activate the checklists within Phase B, you must first complete the RMM criteria in the risk assessment worksheet for each FSA (if applicable). 

7. Select the + button on the top right corner to add annotations

8. You can sign off the item by clicking on the sign off button and collapse the item using the collapse button.

9. To add a new area, select New area from the tools bar

10. To expand all items, select this icon

11. You can choose to exclude or include items from the assessment, simply click exclude or include from the top right corner of the item screen.

To view any excluded items, toggle between the show and hide excluded items button.

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