Materiality and FSA Articles
What is the relationship between FSA and Sampling Worksheets?
Viewed 4941 times since Fri, Sep 26, 2014
The sample size worksheets from B.70 - X.70, are linked to the Inherent Risk and Control Risk ratings made in the FSA Worksheet. Furthermore for an auditor this helps to begin the calculation for their sample size worksheet. Required Level of... Read More
Why is my FSA missing assertions and showing strange column headings?
Viewed 2504 times since Wed, Jun 24, 2015
Sometimes the FSA can end up having issues like the column headings showing 0’s and 1’s in them (highlighted in yellow in the screenshot below) as well as missing assertions. In order to resolve this issue follow these instructions: ... Read More
What gets rolled forward on FSA?
Viewed 2009 times since Sun, Sep 28, 2014
CaseWare provides the ability to roll forward the audit engagement file to the next year. The FSA (Financial Statement Areas worksheet) will maintain the following on a year-end close: The Inherent, Control Risk and Residual Risk ratings made to... Read More
What is the difference between Entity Level Risks and Regulatory Risks?
Viewed 1955 times since Tue, Jan 24, 2017
The CaseWare Audit System template offers the opportunity to include these focus areas (regulatory risks) as risks at the Entity Level. Upon adding a risk to the audit engagement file in CaseWare, you are required to identify whether the risk is... Read More
What do the numbers represent in the ‘Risk Ref’ column in the FSA?
Viewed 1669 times since Mon, Aug 31, 2015
The red digit within the Risk Ref column of the FSA worksheet, represents the number of risks assigned to each FSA item or the total number of risks assigned to an individual assertion for an FSA item. To display the risks assigned, simply hover your... Read More
How to utilise the new ’Revenue’ and ’Expenses’ leadsheet groups in the FSA?
Viewed 1479 times since Fri, Oct 13, 2017
Prerequisite: This FAQ assumes that you would have the latest Auditing System Programs and Procedures. To insert the latest programs, follow FAQ 537 to insert the latest Audit Template documents into your engagement file. What’s New? To... Read More
Helpful hints regarding the FSA document
Viewed 1173 times since Fri, Oct 13, 2017
The Financial Statement Areas (FSA) document are amongst the most important documents necessary in assisting you in your Audit Engagement. It is a document that does not only link your Risk Response Programs, but it also offers a general summary of... Read More
What is meant by the Red / Yellow Warning Icons for FSA proposed journals?
Viewed 1096 times since Wed, Jul 26, 2017
When posting any of the following journal entries: Unrecorded - factual Unrecorded - projected Unrecorded - judgemental If the resulting total balance for the account falls below the Final Materiality total for Performance, then will appear... Read More
Why have we removed FSA groups such as ’Regulatory Factors’, ’Related Parties’, ’Litigation and claims’, ’Executive Remuneration’, etc?
Viewed 1050 times since Thu, May 11, 2017
To remove double-ups within the Audit System engagement files, we have included original FSA areas as part of the Entity Level component in the risk dialog. The detail of Entity Level Risks can be found in the 2-100 Understanding the Entity workpaper... Read More
Why is the font different in my Materiality (2-200) and Group Materiality documents?
Viewed 960 times since Thu, Oct 12, 2017
After updating your Audit System templates to version 19, the font size in your Materiality (2-200) and Group Materiality documents may be out of proportion and larger than other documents. If it is too big, follow the steps below to amend it. ... Read More
How has the FSA changed due to duplication assessment?
Viewed 695 times since Wed, Jan 24, 2018
The audit responses in caseware is optimised based on the risk assessment and applicable Financial Statement assertions. It is important to note that the valuation assertion is no longer connected with the Revenue FSA. Instead, accuracy, a more... Read More