WorksheetsGRAs Quiz
Total questions: 12
Worksheet time: 6mins
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
Is it possible to change answers in GRA after it was reviewed by the partner?
Yes, risk assessment is an iterative process.
No, nothing can be changes once reviewed by partner
Yes, change quietly, so no one would ever know
No, it is better to finalize substantive testing before GRA completion to avoid such situations.
What is required volume of documentation for each risk factor evaluation?
The more the better
Brevity is the soul of wit
It depends / Apply professional judgment
I'd rather switch off all the factors. No risks - no documentation!
