Step 4—Summarization of the Audit Risk Assessment [5.07] [Illustration 5-1] 1. Complete the following to document your risk assessments at the financial statement and relevant assertion levels based on an appropriate understanding of the entity and its environment, including internal control, and planned responses. Further Audit of Assess Procedures to Be Transaction, Risk of Is This a Reference to Performed Account Relevant Material Audit Audit Response incl. Balance, or Assertion Inherent Control Program Special Consideration for Disclosure Risk Description Affected Risk Risk Risk? Steps significant risks
Step 4—Summarization of the Audit Risk Assessment [5.07] [Illustration 5-1] 1. Complete the following to document your risk assessments at the financial statement and relevant assertion levels based on an appropriate understanding of the entity and its environment, including internal control, and planned responses. of Transaction, Account Balance, or Disclosure Risk Description Relevant Assertion Affected Inherent Risk Control Risk Assess Risk of Material Is This a Risk? Further Audit Procedures to Be Performed Audit Response incl. Special Consideration for significant risks Reference to Audit Program Steps