Session 3.3: Conduct of Final Risk Assessment Exercise Seminar on Financial Audit Manual Page 1 Exercise 3.3-B Preparing the Results of Risk Assessment at the Assertion Level Objective: The objective of this exercise is to provide the participants the opportunity to prepare the Results of Risk Assessment at the Assertion Level to document the risk assessment and risk response to be provided to the assessed risk. Time required: Group work (including 5 minutes to read the requirements of the exercise) 90 minutes Presentation/Review Discussion 60 minutes Total Time 150 minutes Instructions: 1. Group participants into 8 groups. 2. Distribute to the participants the Instruction Sheet for Exercise 3.3-B and the materials for the exercise. 3. Give them 5 minutes to read the instruction; ask for clarifications. 4. Allow the participants to discuss with their group participants the given information and the requirements of the exercise. 5. After working on the exercise, call volunteer from each group to present the group’s answer/solution and to explain his/her answer/solution. 6. Lead the processing of the presented solution together with the participants.