MANAGEMENT’S RECENT EXERIPIENCE indications of possible lingering risks based upon management’s experience with events during the pasts 3 years AREA 5: – Prior annual financial statement or other audit results Controls & Compliance issues raised No findings related to this process Management letters comments or Reportable conditions, material other similar findings provided by weaknesses, non-compliance or auditors for this process matters cited by auditors for this process Adjustments by auditors None Few adjustments/not material in the Significant number of adjustments; aggregate aggregate value of adjustments exceed planning materiality Few adjustments/routine in Moderate adjustments/moderate Significant number or dollar amount of Adjustments by management nature/mall dollar amounts dollar amounts involved adjustments required/non-routine in involved nature Results of management’s recent Statement of Assurance No findings related to this process Some findings, though insignificant in Reportable conditions, material assessments scale/impact weaknesses & no-compliance matters found by management for this process Management’s day-to-day experience Accounting errors or irregularities fraud) Few adjustments Significant errors/adjustments Information available to monitor performance Readily available/useable by Somewhat available for use by Unavailable for use by management on a timely basis management/information is of mixed management/information is hard to quality or is untimely understand or apply on a timely basis Typical accounting analysis needed by management in Few calculations/analysis Moderate calculations/analysis Extensive calculations/analysis this area Overall nature of issues, errors or adjustments A virtually problem free area Problems occur from time to time of Problems persist, can be varying significance significant/demand high management intervention AREA 6: MANAGEMENT’S CURRENT OUTLOOK overall perceived likelihood of material adverse financial reporting risks within the next year for this process – Management overall prognosis of material adverse risks Remote Reasonably Possible More Likely than Not for this process
AREA 5: MANAGEMENT’S RECENT EXERIPIENCE – indications of possible lingering risks based upon management’s experience with events during the pasts 3 years Prior annual financial statement or other audit results Controls & Compliance issues raised No findings related to this process Management letters comments or other similar findings provided by auditors for this process Reportable conditions, material weaknesses, non-compliance or matters cited by auditors for this process Adjustments by auditors None Few adjustments/not material in the aggregate Significant number of adjustments; aggregate value of adjustments exceed planning materiality Adjustments by management Few adjustments/routine in nature/mall dollar amounts involved Moderate adjustments/moderate dollar amounts involved Significant number or dollar amount of adjustments required/non-routine in nature Results of management’s recent Statement of Assurance assessments No findings related to this process Some findings, though insignificant in scale/impact Reportable conditions, material weaknesses & no-compliance matters found by management for this process Management’s day-to-day experience Accounting errors or irregularities fraud) Few adjustments Significant errors/adjustments Information available to monitor performance Readily available/useable by management on a timely basis Somewhat available for use by management/information is of mixed quality or is untimely Unavailable for use by management/information is hard to understand or apply on a timely basis Typical accounting analysis needed by management in this area Few calculations/analysis Moderate calculations/analysis Extensive calculations/analysis Overall nature of issues, errors or adjustments A virtually problem free area Problems occur from time to time of varying significance Problems persist, can be significant/demand high management intervention AREA 6: MANAGEMENT’S CURRENT OUTLOOK – overall perceived likelihood of material adverse financial reporting risks within the next year for this process Management overall prognosis of material adverse risks for this process Remote Reasonably Possible More Likely than Not
Panel1_DHS-FAPO-Risk-Assessment-Tool-Chart-2-2016.docx