What is FSAs relationship between the Risks, Controls and Reportable Items dialog?

The FSA worksheet is one of the most important documents in the Audit System template. One key feature of the FSA is to control the FSAs that appear in the risk, control and reportable items dialog.

The risk dialog will only show material items based on the selections in FSA. If you consider Figure 1 below, you can see that Trade and Other Receivables has been selected as material by the user. The result of this allows users to choose trade and other receivables in the risk dialog. In addition to this, the risk dialog also provides:

• A list of Entity Level risks
  
• The ability select the relevant assertions required for each FSA
  
• The risk dialog will also automatically assign the appropriate addressed work paper when you select an FSA (e.g. Trade and Other Receivables will automatically load C.10 into the addressed reference). 
  

In the Control and Reportable Items dialog, the same FSA items (i.e. the ones selected to be material in FSA) will appear when the user is selecting an FSA item). 

In Risk and Control dialog only, there is an option to select the Business Cycles identified in FSA: 

• Select the affected business cycles associated with the risk/control.
  
• The list in business cycles is defined in the Financial Statement Areas worksheet
  
• If the FSA item in the FSA worksheet is already associated with a business cycle through the Financial Statement Areas worksheet, this area will be automatically filled out with the selection of Financial Statement Areas Affected. 
  

Please click here to watch the FSA Tip Vid. 

Note: You will require a password to view this video. Please contact CaseWare Support for further information.

 

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