Audit Business Cycles

The Audit System template utilises 4 Business Cycles. It is essential to have the correct Business cycles in your engagement because it ties your FSA to the control’s risk ratings. The four business cycles can be located in your 3-150 folder. They are:

1. Revenue / Receivables / Receipts (RRR)

2. Expenses / Payables / Payments / Payroll (EPP)

3. Estimates, Assumptions & Judgements (EAJ)

4. Financial Reporting & Disclosures (FRD)

What do I do if I have an engagement file with surplus business cycles?

This may occasionally occur after you’ve copied information from older engagement files that may contain additional business cycles which we no longer utilise. To check if you have surplus business cycles (and subsequently remove them), follow the instructions below.

  1. Open your FSA Document
  2. Click the Cycle button to access your Business Cycles settings


  3. Click the dropdown to see a list of all your business cycles in your engagement file. There should only be 4 business cycles as listed above.


  4. Select all other business cycles that aren’t required in Audit System and click the Delete button. This will remove all non-essential business cycles in your engagement file.
  5. Once you’ve removed all non-essential business cycles in your engagement file, click the Cycle button to close the settings and return back to your FSA document.
  6. In your FSA document, compare the business cycles for each Group to the PDF attached in this FAQ below. You can view the Business Cycles column in the All tab.
Attached Files (1)
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