Adding Specific Risks

Specific risks display in the Specific Risks table in KBA-502 Summary of Risk Assessments. They also flow to the substantive audit programsClosed The 800 series of forms, whose index number and name are specific for each title. These include AUD-800 Audit Program – (Custom) through AUD-822 Business Combinations. for each audit area the risk is associated with. You can also view the risk in the Risk Summary section.

If needed, you can link program steps in a substantive audit program to a specific risk using the unique risk name.

If no specific risks are created for a significant audit area, information to this effect displays in various parts of the form. For example, in KBA-502 Summary of Risk Assessments, you’ll see a row that says “No risks have been added for this area.”

The moment you start entering information to create a risk, you become the active user of KBA-502. When you click Add Risk or Reset Risk Form, you will no longer be the active user. The moment you start entering information to create a risk, you become the active user of KBA-502. When you click Add Risk or Reset Risk Form, you will no longer be the active user.

To add a specific risk, do the following:

  1. While in the engagement view or a form view for an engagement, click Risk Summary.
  2. Click the Specific Risk section to expand it.
  3. Complete the Closedinformation about the risk.
  4. Click Add Risk.