GRAs Quiz

What does GRA stand for?

• Gross Revenue Amount

• Guided Risk Assessment

• Government Reserved Areas

• Gain Recognition Agreement

We complete a separate GRAs for every…

• Significant account

• Insignificant account

• Financial statement line item

• Risk of material misstatement

What is the section in GRA were we assess level of risk for each risk factor with Risk spectrum?

• GRA setup

• Risk factor evaluation

• Identify and assess

• Plan response

What is the correct risk assessment flow?

• GRA - RoMMs - Suggested procedures - Suggested controls

• RoMMs - GRA - Suggested controls - Suggested procedures

• Suggested Controls - GRA - RoMMs - Suggested procedures

• GRA - RoMMs - Suggested controls - Suggested procedures

What is NOT an example of Entity level GRA?

• Financial close and reporting

• Capitalized assets

• Going concern

• Related parties

What can be a way to support risk factor level?

• Linking existing working paper from Omnia engagement

• Documenting our reasons in textbox

• Using GRA template support file

• All of the above

How many levels does each risk factor in Risk factor evaluation have?

• 2

• 3

• 4

• 5

What are 3 levels of RoMMs in Omnia GRAs?

• Lower / Higher / Maximum

• Lower / Medium / Significant

• Lower / Higher / Significant

• Lower / Medium / Higher

What are the 2 types of RoMMs?

• Prescriptive and Deliberative

• Prescriptive and Standardized

• Prescriptive and Deliverable

• None of the above

When should we document our choice of RoMM level?

• For every RoMM

• No reasonable possibility of material misstatement (NRPMM)

• NRPMM and mixed risk factors

• Never