| Significant Account Summary: Accounts Receivable |
Initials |
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Prepared by: |
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Reviewed by: |
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| Assertions: |
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| Existence (Ex) or Occurrence (Oc), Completeness (Co), Rights and Obligations (R&O), Valuation (Va) or Measurement (Me), |
| Presentation and Disclosure (P&D) |
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| Inherent Risk Aspects (from activities 1 - 7) |
| Evaluation of the Implications of Inherent Risks, including any Significant Risks, identified in the previous activities. |
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Ref. |
Inherent Risk Aspects (indicate any significant risks brought forward from the ASM) |
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Ex/
Oc |
Co |
Va/
Me |
R&O |
P&D |
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| Control Risk Aspects (from activities 1 - 7) |
| The pre-populated table on the Control Risk Aspects worksheet of this template has been provided to link the Flows of Transactions to the Audit Procedures |
| to be performed. If the engagement team identifies any additional WCGWs while obtaining their understanding of the flows of transactions, the table may |
| be used to assist in determining appropriate additional Audit Procedures to be performed. These should be added to the Work Program worksheet. |
| Combined Risk Assessment |
| Control risk has been pre-populated at maximum, because, for clients eligible for use of the SBDP, we will not normally test controls over significant |
| flows of transactions. |
| In some circumstances, eg where a significant risk has been identified or where the client has effective controls in place over one or two significant flows of |
| transactions, the engagement team may decide that the most effective and efficient approach to auditing the financial statements is to perform tests of controls over |
| those significant flows of transactions. In this case, the CRA template in the Supplementary Folder 'Tests of Controls Only' should be completed instead of this template. |
