Running the Risk Model
Access to the risk assessment routines are available from the drop-down [Risk analysis] button, on the Planning menu
At any point you may open the current years audit file to sign off checklists and programmes, by selecting the Planning menu, [Checklist completion] button.
Automatic association of mandatory tests to assertions
When you first design a programme for Residual Risk in the Area Risk Assessment dialog, the system analyses the standard audit program to see if there are any standard tests that relate to the assertion on which a risk has been assessed. If any are found they are automatically linked as audit procedures relating to the assertion. This concept also extends to mandatory tests.
When you open the Test for selection dialog for Reliance on test of controls, Reliance on non-sampling substantive tests or Residual risk, if there are not any tests currently planned the system will analyse the mandatory programmes and automatically include any relevant tests that are active for the audit.
Prepopulate procedures for all assertions
When you first access the Test selection dialog in respect of a residual risk for an assertion, the system automatically populates the list of procedures with any active standard and mandatory tests for the assertion. Even when you are using a single assessment for all assertions, the system populates the dialog with any active test from the standard or mandatory programmes that relate to any assertion defined for the audit area.