The Financial Statement Risk Assessment is a critical document required for organizations operating under New Zealand's financial reporting framework. It serves as a comprehensive evaluation tool designed to identify and assess risks associated with financial statement preparation, reporting, and compliance. This assessment is particularly important for entities subject to New Zealand's Financial Markets Conduct Act 2013 and Financial Reporting Act 2013, as well as various industry-specific regulations. The document typically includes detailed analysis of internal controls, potential material misstatements, compliance with accounting standards, and specific risk areas identified during the assessment process. It is essential for maintaining effective risk management practices and ensuring compliance with New Zealand's regulatory requirements, while also providing valuable insights for management decision-making and audit planning.
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1. Executive Summary: Overview of key findings, major risk areas identified, and significant conclusions
2. Scope and Objectives: Defines the purpose, scope, and objectives of the risk assessment, including the reporting period covered
3. Entity Overview: Description of the organization's business model, operations, industry context, and organizational structure
4. Assessment Methodology: Explanation of the risk assessment approach, frameworks used, and evaluation criteria
5. Financial Reporting Environment: Analysis of the internal control environment, accounting systems, and financial reporting processes
6. Risk Assessment Analysis: Detailed analysis of identified risks, including inherent risks and control risks in financial reporting
7. Material Misstatement Risks: Specific assessment of risks related to material misstatements in financial statements
8. Control Effectiveness Evaluation: Assessment of internal controls' design and operating effectiveness
9. Compliance Assessment: Evaluation of compliance with relevant accounting standards and regulatory requirements
10. Conclusions and Recommendations: Summary of findings and specific recommendations for risk mitigation
1. IT Systems Assessment: Detailed evaluation of IT systems and controls - include when entity has significant IT dependencies
2. Group Considerations: Assessment of group structure risks - include for entities with subsidiaries or complex group structures
3. Industry-Specific Risks: Analysis of industry-specific risk factors - include for entities in specialized or highly regulated industries
4. Fraud Risk Assessment: Detailed fraud risk analysis - include when specific fraud risks are identified or for high-risk entities
5. Going Concern Assessment: Detailed analysis of going concern risks - include when there are indicators of going concern issues
6. Related Party Analysis: Assessment of related party transactions and risks - include when significant related party transactions exist
1. Risk Assessment Matrix: Detailed matrix showing risk ratings, likelihood, and impact assessments
2. Control Testing Results: Summary of key control testing procedures and results
3. Financial Analysis: Key financial ratios and trend analysis supporting risk assessment
4. Risk Response Plan: Detailed action plans for addressing identified risks
5. Regulatory Compliance Checklist: Checklist of compliance with relevant NZ reporting requirements and standards
6. Interview and Testing Schedule: List of interviews conducted and testing procedures performed
7. System Architecture Diagram: Overview of financial systems and control points
8. Risk Assessment Methodology: Detailed explanation of risk assessment approach and scoring criteria
Relevant legal definitions
Assessed Risk
Audit Committee
Control Activities
Control Deficiency
Control Environment
Control Risk
Entity
External Reporting Board (XRB)
Financial Markets Authority (FMA)
Financial Reporting Period
Financial Statements
Generally Accepted Accounting Practice (GAAP)
Inherent Risk
Internal Control
Material Misstatement
Materiality
Monitoring Activities
NZ IFRS
Reporting Entity
Risk Assessment Procedures
Risk Factors
Risk Management
Risk Matrix
Risk Mitigation
Risk Rating
Risk Response
Risk Tolerance
Significant Risk
Substantive Procedures
Testing Period
Control Testing
Key Controls
Risk Appetite
Assurance
Reasonable Assurance
Limited Assurance
Professional Judgment
Professional Skepticism
Relevant Assertions
Management
Audit Committee
Control Activities
Control Deficiency
Control Environment
Control Risk
Entity
External Reporting Board (XRB)
Financial Markets Authority (FMA)
Financial Reporting Period
Financial Statements
Generally Accepted Accounting Practice (GAAP)
Inherent Risk
Internal Control
Material Misstatement
Materiality
Monitoring Activities
NZ IFRS
Reporting Entity
Risk Assessment Procedures
Risk Factors
Risk Management
Risk Matrix
Risk Mitigation
Risk Rating
Risk Response
Risk Tolerance
Significant Risk
Substantive Procedures
Testing Period
Control Testing
Key Controls
Risk Appetite
Assurance
Reasonable Assurance
Limited Assurance
Professional Judgment
Professional Skepticism
Relevant Assertions
Management
Clauses
Scope of Assessment
Confidentiality
Professional Standards
Regulatory Compliance
Risk Assessment Methodology
Internal Controls
Material Misstatements
Financial Reporting Framework
Audit Requirements
Information Access
Documentation Requirements
Quality Control
Independence
Professional Judgment
Reporting Obligations
Data Protection
Information Security
Liability and Limitations
Governance Requirements
Assessment Timeline
Risk Classification
Control Testing
Review Process
Recommendations Implementation
Dispute Resolution
Amendment Procedures
Communication Protocol
Evidence Collection
Expert Consultation
Representation and Warranties
Confidentiality
Professional Standards
Regulatory Compliance
Risk Assessment Methodology
Internal Controls
Material Misstatements
Financial Reporting Framework
Audit Requirements
Information Access
Documentation Requirements
Quality Control
Independence
Professional Judgment
Reporting Obligations
Data Protection
Information Security
Liability and Limitations
Governance Requirements
Assessment Timeline
Risk Classification
Control Testing
Review Process
Recommendations Implementation
Dispute Resolution
Amendment Procedures
Communication Protocol
Evidence Collection
Expert Consultation
Representation and Warranties
Relevant Industries
Financial Services
Banking
Insurance
Public Sector
Healthcare
Manufacturing
Retail
Technology
Energy
Real Estate
Mining and Resources
Construction
Professional Services
Telecommunications
Education
Relevant Teams
Finance
Internal Audit
Risk Management
Compliance
External Audit
Financial Reporting
Corporate Governance
Treasury
Legal
Control and Assurance
Relevant Roles
Chief Financial Officer
Financial Controller
Risk Manager
Internal Auditor
External Auditor
Financial Analyst
Compliance Officer
Finance Director
Audit Partner
Risk Assessment Specialist
Financial Reporting Manager
Corporate Controller
Audit Committee Member
Board Director
Chief Risk Officer
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