Probe | F10 - Record a risk or event

  Instructions:

Watch the video for detailed guidance on the feature above, then read the summary below for a concise overview. 

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​​F10​ - ​RECORD A RISK OR EVENT​ 

The RECORD BUTTON enables you to record risks or events. 

In some scenarios you can choose which risk or event to record, while other scenarios will automatically record a specific risk or event. 

In all instances, the items are recorded using the RECORD BUTTON. 

You can record as many items as needed.  

1. Record a risk 

To record a risk, click on the RECORD BUTTON in the document and select the type of risk to record from the menu. 

Risks can be recorded at financial statement level or at assertion level. 

At financial statement level, the options include Inherent, Fraud or Control risks. 

At assertion level inherent risks can be recorded for any of the applicable sections. 

After recording your risk, click SUBMIT to submit your risk. 

Individual risks are recorded and reflected and can be edited in the relevant risk assessment documents. 

These are: 

• 11.20 – Inherent risk assessment

• 11.25 – Fraud risk assessment

• 11.30 – Evaluation of system of internal controls

• 11.60 – Risk assessment at assertion level

2. Record an event 

To record an event, click on the RECORD BUTTON in the document. 

Click on the type of event you want to record.  

The types of events include  

• Add entity or component 

• Going concern event or condition;  

• Subsequent event; 

• Management letter point; and 

• Key audit matter. 

The relevant record events screen will open where you can record your event. 

After recording your event, click SUBMIT to submit your event. 

Individual events are recorded and reflected and can be edited in the relevant documents, which are: 

• 11.20G – Identification of components 

• 02.10 – Subsequent events work program

• 02.20 – Going concern conclusion

• 02.55 – Key audit matters 

• 02.90 – Report to management and those charged with governance

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