Ro presentation disclosure occurrence rights

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Ro Presentation & disclosure Occurrence, rights & obligations Disclosed events, transactions and other matters have occurred and pertain to the entity. Or Completeness All disclosures that should have been included in the financial statements have been included. Cm (P&D) Accuracy & Valuation Financial and other information are disclosed fairly and at appropriate amounts. Av Classification and Understandability Financial information is appropriately presented and described, and disclosures are clearly expressed. Cu Initial Date Prepared by      Detail Review by Supervisory by       Peer Review by
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C&W LLP Audit Program Risk Matrix Client: Dollarama Inc. Client #: 450165 Year/Period End: January 29, 2012 Overall Audit Risk The Risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated is known as audit risk. Audit Risk (AR) is a function of the combined risk of material misstatement, which includes both Inherent Risk (IR) and Control Risk (CR), and Detection Risk (DR), the risk that our audit procedures will fail to detect any such material misstatements. AR = IR x CR x DR Using the formula above, if IR is very high, either CR or DR, or both, must be very low in order that we not exceed an acceptable level of audit risk. C&W methodology sets acceptable audit risk at 5% for most audits. However, there may be circumstances where it is necessary to establish overall audit risk at less than 5%. For example, where the corporate, financial, operating or other characteristics of our client are such that our risk associated with the engagement is HIGH, consideration should be given to reducing the acceptable level of overall audit risk. The level of overall audit risk assists us to determine the nature, timing and extent of our audit procedures. Instructions: Refer to 5J.1 Assertions Index for reference 1. Assess inherent risk at either of HIGH, MODERATE, or LOW for each financial statement assertion. Consider all information gathered while obtaining our understanding of the entity and its environment,, performing the preliminary analytic review and completing the Inherent Risk Questionnaire and 5I Assessment of Risk of Fraud and Misstatement. 2. Determine the strategy to reduce audit risk to an acceptable level. Assurance is obtained through performing control tests and substantive procedures. 3. We may rely on controls if management has implemented policies and procedures to either prevent or detect misstatements. Consider all information documented on the Control Environment Assessment, Information About Systems and Computer Environment, Accounting System Summary and Assessment of Risk of Fraud and Misstatement. When we plan to rely on controls (our risk assessment includes an expectation of the operating effectiveness of controls, i.e., control risk assessed below HIGH) we should plan control tests to confirm that they have operated effectively throughout the period. Other audit procedures (i.e.,
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