Wiley Practitioner's Guide to GAAS 2020. Joanne M. Flood

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Wiley Practitioner's Guide to GAAS 2020 - Joanne M. Flood

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1. Risk Assessment Questionnaire

      [Client]

      [Audit date]

[Prepared by/Date]
[Reviewed by/Date]

       Instructions

      The purpose of this questionnaire is to document and assess audit risk. It should be part of audit planning and updated during the audit. (AU-C 260.15)

      The information required to complete this questionnaire comes from the following sources:

      1 Client responses to our inquiries

      2 Our knowledge of general and industry economic conditions

      3 Our knowledge of the client

      This questionnaire is divided into two major sections: external and internal factors. It is designed so that every “Yes” answer adversely affects risk exposure.

      For every “Yes” answer, the item should be referenced to the appropriate audit documentation. The audit documentation should state our assessment of the effect of the condition on the risk of material errors or fraud.

       External Factors

Yes No Working paper reference
General Economic and Financial Conditions Are there trade or other barriers to the client’s international business?Have the client’s domestic markets suffered from high unemployment?Have the client’s domestic markets suffered from high inflation?Has legislation passed that adversely affects the client?Are interest rates high in relation to the client’s capital needs?Has the client’s business been adversely affected by changes in the following:Interest rates?Unemployment rates?Money supply?Foreign currency exchange rates?Overall business conditions (depression, recession, inflation)?

       Internal Factors

Yes No Working paper reference

      Illustration 2. Example Control Objectives

Business Objective Example Control

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