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Project Dollarama

The questionnaire is not an exhaustive list and all

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The questionnaire is not an exhaustive list and all engagement staff should be alert for and consider any other conditions that may indicate audit risk. All risk factors should be considered for every audit client. Where the factor does not apply, indicate with N/A. The questions are stated so that “Yes” answers highlight conditions that may indicate inherent risk that should be addressed on the Risk Assessment Summary (RAS). “Yes” answers require the exercise of professional judgment in evaluating their significance. Where there is a checkbox, clicking to put an “x” in the box will show additional details for that risk factor. Document the specific risk and related cycle for the appropriate item(s). Where an inherent risk specific to a client has not been noted in the following questionnaire, identify and document the noted risk under “Fraud Risk Factors”. If a checkbox has not been selected or if a “No” answer has been provided for any of the inherent risk factors below, where under “normal” circumstances, we would have expected some level of inherent risk to be identified, describe the reason why such risk is not associated with a particular client (i.e., special circumstances) under the “Describe Risk” column. If engaged to perform a CICA 5925 or SOX engagement, contact the Enterprise Risk Services team. Ensure the working papers to support the 5925 opinion are located in a separate engagement file. Section 5925 An audit of internal control over financial reporting that is integrated with an audit of financial statements We discussed these factors with Michael Ross on February 8, 2012 . If you intend to use information obtained in prior years to complete this program, ensure that no changes have occurred which may affect the relevance of this information in the current year’s audit. Yes No N/A Describe Risk Accounting Cycle Insignificant Risk Done By Risk Factors Threatened profitability/stability? (Consider competitive markets, vulnerability to business environment changes, obsolescence, negative trends in earnings or cash flows, regulatory requirements, differences from industry benchmarks, political or environmental issues, N/A No revenue risk - steady  cash flow - increasing sales. Revenue/Receivables/Receip ts Yes 6 March 2011 5E
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Audit Program Inherent Risk changes in operations, reliance on customers/suppliers, etc.) Excessive pressures to meet third party or internal expectations? (Consider financing needs, cash flow requirements, effect of reporting on pending transactions or share prices, management’s overly optimistic comments or aggressive targets, pressure from those charged with governance, etc.) No Public company No Personal financial situation threatened by entity, especially for those with access to assets susceptible to misappropriation? (Consider financial
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