Lesson 05: Risk Assessment

Which task/forms will not be replaced by the EY Canvas FIT enablement

• A.      Form 800 Audit Planning Template (APT)

• B. Required Form 801 NCE criteria for use

• C. Required From 268 Scope & Strategy project management form

• D. Optional Form 802 NCE Preliminary engagement procedures

How will the EY Canvas FIT enablement work with MEST EY Canvas?

• A.      EY Canvas FIT enablement does not support MEST engagements at the present moment

• B. EY Canvas FIT enablement is applicable for MEST engagements at the present moment

• C. Whether EY Canvas FIT enablement is applied depends on your respond in the EY Canvas engagement profile

What is true about limited risk account (LRA)?

(Select 2)

• A. Engagement team is required to complete Form 270 GL for each limited risk account

• B. Engagement team is required to perform limited subtantive analytical procedure and “some” PSP

• C. Engagement team is required to create LRA account on Canvas

• D. B & C

• E. A & C

What is not the inherent risk factor?

• A.      Complexity

• B. Subjectivity

• C. Unchange

• D. Susceptibility to misstatement due to management bias or other fraud risk factors

• E. Uncertainty

What is required on limited risk account?

• A. WT of processes related to the account

• B. Identify relevant assertions

• C. Understand the nature of the account and types and volumes

• D. Make inherent risk or control risk assessment

Which of the following is not an example of IPE?

• A. User listing used for population

• B. Report of changes to an IT application

• C. Change approval form

• D. User activity report