Customize risks

Note: Content in this topic is intended for Network Authors.

To start, select the Information icon () at the top menu, then choose Settings. The Product Settings dialog opens, where you can view and customize settings if needed.

Under the Risks drop-down, select Fields.

To add and customize risk ID, risk description, assertions, assessment method and references fields:

  1. Select a field to include it in the risks module.

    2. For example, select to include it in the risks module.

    Once you select a field, its customization section is available in the dialog.

    Customization section for ID. You can add a custom term and choose where to display the field.

  2. At CUSTOM LABEL, enter your custom term for each field.

  3. For each field, select:

    • the Dialog check box to display the field in the New Risk dialog.
    • the Card check box to display the field in the risk card.
    • the Dialog and Card check boxes to display the field in the New Risk dialog and the risk card.

In the Assertions section, you can directly go to Features | Assertions to add or modify an existing assertion by selecting the Assertions link.

Link to the assertions setup, where you can add or modify assertions.

To add and customize risk type and risk level fields:

  1. Select Type and Level to include those fields in the risks module.

    2. Once you select a field, its customization section is available in the dialog.

  2. In the customization section for Level,

    1. enter your custom term for risk level at CUSTOMLABEL.

    2. enter your custom term for Normal, Significant and Fraud.

  3. In the customization section for Type,

    1. enter your custom term for risk type at CUSTOMLABEL.

    2. enter your custom term for Financial Statement and Assertion.

To add and customize audit response, controls and conclusion fields:

  1. Select a field to include it in the risks module.

    2. For example, select to include it in the risks module.

    Once you select a field, its customization section is available in the dialog.

  2. At CUSTOM LABEL, enter your custom term for each field.

  3. In the Conclusions customization section, enter a custom term for each conclusion type.

    1. Enter a custom term for Risk has been treated.

    2. Enter a custom term for Significant control deficiency exists.

    3. Enter a custom term for Audit response is required.

    4. Enter a custom term for Other.

If you want to set up a help page for your clients to describe the functionality, fields and attributes for risks, you can enable the Help option and add the URL. Once you enable this option, a Help icon () displays in risk cards and the New Risk dialog.

You can also choose to include the two check boxes Include in reportable items and Substantive procedures are not enough in the risk card. You can also add your own custom text for each check box.

The following figure shows the customizable fields in the risks page.

Every check box label, field name and value is customizable in this page, except Title.

The following figure shows the customizable fields in the New Risk dialog.

Every field name and value is customizable in this dialog, except Title.

Customize scales and RMM mapping

You can choose the number of scales in your product for Inherent Risks (IR), Control Risks (CR) and Risks of Material Misstatements (RMM) and customize their display names. You can also predefine the RMM mapping in the product.

Select Risk | Scales to start.

To customize scales for inherent risks:

  1. Go to the Inherent Risk section.

  2. At Assessment Scale, select the desired number of scales (between 2 and 7).

  3. At Label Customization, enter the desired custom term and short name for each scale.

    For example, you can rename Very Low to be Mild and set the short name to be ML.

To customize scales for control risks:

  1. Go to the Control Risk section.

  2. At Assessment Scale, select the desired number of scales (between 2 and 7).

  3. At Label Customization, enter the desired custom term and short name for each scale.

    For example, you can rename Very Low to be Mild and set the short name to be ML.

To customize scales for risk of material misstatements risks:

  1. Go to the RMM section.

  2. At Assessment Scale, select the desired number of scales (between 2 and 7).

  3. At Label Customization, enter the desired custom term and short name for each scale.

    For example, you can rename Very Low to be Mild and set the short name to be ML.

To predefine the RMM mapping:

  1. Go to the RMM Mapping section.

  2. Select the desired RMM scale for each combination of IR and CR scale.

    3. For example, you can preset the RMM scale to Very Low (VL) if the IR and the CR have a Very Low (VL) scale.

Example of an RMM Mapping setup.

To customize scales for likelihood of misstatement occurring risks:

  1. Go to the Likelihood of Misstatement Occuring section.

  2. At Assessment Scale, select the desired number of scales (between 2 and 7).

  3. At Label Customization, enter the desired custom term and short name for each scale.

    For example, you can rename Very Low to Mild and set the short name to ML.

To customize scales for magnitude of potential misstatement risks:

  1. Go to the Magnitude of Potential Misstatement section.

  2. At Assessment Scale, select the desired number of scales (between 2 and 7).

  3. At Label Customization, enter the desired custom term and short name for each scale.

    For example, you can rename Very Low to Mild and set the short name to ML.