Appendix 2-8 Results of Risk Assessment at the Assertion Level (49).pdf

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Session 3.3: Conduct of Final Risk Assessment Handout Seminar on Financial Audit Manual Page 1 Appendix 2-8. Results of Risk Assessment at the Assertion Level STEP 1 STEP 2 STEP 3 STEP 4 STEP 5 STEP 6 Reliance on controls Risk Response Trial Balance, 12/31/20xx Inherent Risks Inherent Risk of Material Misstatement Control to Mitigate Inherent Risk Control Risks Overall Risk of Material Mis- statement (RMM = IR+CR) Acct Title Final Unaudited Balance (in PHP) WP ref Conditions relative to
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Unformatted text preview: inherent risk susceptibility Assertions Affected Like-lihood Impact Level of Overall Inherent Risk (IR) Control Design adequate? Control functioning? Level of Control Risk (CR) (L/M/H) Level of Subs-tantive Test Type of Substantive Test Needed WP Ref (Y/N) WP Ref Based on Test? Analytical Review Test of Details Prepared by: _______________________________ _______________________ Date Reviewed by: _______________________________ _______________________ Date...
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