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Audit assertion risk dashboard

Article author
Chrissy Bridges
  • Updated

Summary

The Audit assertion risk tab provides a dashboard that breaks down risk by assertion and over time across the financial statement accounts. Uncover "hot spots," get an understanding of relative assertion-level risk across the ledger, and learn more about the control points in this analysis.

Learn how to interact with a data-driven view of the analysis results, presented in a way that directly aligns with the output of a traditional risk assessment process.


Navigate to the Audit assertion risk tab

  1. Select the MindBridge icon in the sidebar to go to the Organizations page.
  2. Select View in line with the desired organization, or click anywhere in the organization row to go to the Engagements page.
  3. Select View in line with the desired engagement, or click anywhere in the engagement row to go to the Data page.
  4. Select View Analysis on the desired analysis, or use the sidebar to open the Analyze menu, then select the name of the analysis you want to see.
    You will go to the Analyze page.
  5. Select the Audit assertion risk tab.


Account risk by assertion table

The following column headers break down the data by account groups.

Note: If you have scoped accounts, this table will only display scores for the accounts that have been scoped as significant.
Column header Meaning
Account Financial statement level accounts — “Level 3” accounts in the chart of account hierarchy.
# of entries The number of entries within each account.
Activity Net monetary activity for each account in the analysis period.
Existence/Occurrence score

The average risk percentage (%) of the:

  • Existence Score for assets and liabilities and equity accounts,
  • Occurrence Score for profit and loss accounts.
Rights and Obligations score

Displays the average risk percentage (%) of the Rights & Obligations score for assets and liabilities and equity accounts.

Profit and loss accounts display as N/A, as there are no Rights and Obligations scores for those accounts.

Completeness score

The average risk percentage (%) of the Completeness score for assets, liabilities and equity, and profit and loss accounts.

Valuation/Accuracy score

The average risk percentage (%) of the:

  • Valuation score for assets and liabilities and equity accounts,
  • Accuracy score for profit and loss accounts.
Presentation/Classification score

The average risk percentage (%) of the:

  • Presentation score for assets and liabilities and equity accounts,
  • Classification score for profit and loss accounts.
Cut-off score

Displays the average risk percentage (%) of the Cut-off score for profit and loss accounts.

Asset and liabilities and equity accounts display as N/A, as there are no Cut-off score for those accounts.

Expand and collapse an account group

All account groups are collapsed by default.

  1. Select the chevron icon left of an account name to expand the account group.
    All levels within the group are displayed.
  2. Select the chevron icon again to collapse the group.

Filter

  1. Select filters from the Account, Type, and/or User ID menus.
  2. When you are satisfied, Apply each filter to quickly sift through ledger data and compare accounts for more insights.

Select Reset Filter any time to remove applied filters.Audit_assetion_risk_Dashboard_-_Filter.gif

Note: If you select multiple values within the same filter menu, the selections will be added together. If you select multiple values from different filters, the selections will intersect.

Annotate

  1. Select the annotation icon in line with an account.
    All annotations for that account appear.
  2. Select Add annotation to create a new annotation.

Learn more about working with annotations.

Export

Select the export icon in line with Account risk by assertion. The current table view and any applied filters are captured and exported as an .xlsx file.

Drill-down to the Data table

  1. Select the drill-down icon in line with any account to go to the Data table.
    Note that filters you selected on the Audit assertion risk tab are applied here.
  2. On the Data table, select the column header to change the sort order on a specific assertion score.

Audit_assertion_risk_dashboard_-_Risk_Over_time_graph.gif

Update the visualizations 

Select any colored cell in the table to update the Risk Over Time and Control Point Breakdown graphs.
 

Entry risk over time graph

Hover over a segment on the graph to reveal:

  • The interval of time the bar represents
  • The triggered risk levels, and number of entries in each group

Use the legend below the graph to enable or disable each risk level on the graph. Disabled categories appear in grey.

Select any bar on the graph to drill-down to the Data Table, where you can review a detailed list of transactions for the selected time frame and risk category.

Change the time interval

By default, the graph displays the data by month

  1. Select View by to open the menu.
  2. Select the interval of time you would like the graph to display — by Month, Week, or Day.

Audit_assertion_risk_dashboard_-_Entry_risk_over_time.gif 


Control Point Breakdown graph

Each bar on the graph indicates by how much the given control point moves the account’s average risk assertion score up or down.

  • Positive values raise the score
  • Negative values lower the score

The total of these bars is the difference in assertion scores between the account under investigation and the average of the same assertion score across all accounts. 

To understand why an account has a high risk score, investigate the highest positive numbers on the graph.

The graph can be interpreted as follows:

  • A large positive number indicates that the control point is a major factor behind the elevated risk score in the account, and may need further investigation.
  • Numbers close to 0 indicate that, at the aggregate level, there is no elevated risk in the account related to the control point.
  • Negative numbers indicate that at the aggregate level, the account shows no sign of risk in the account related to the control point.

Audit_assertion_risk_dashboard_-_Control_Point_Breakdown_graph.gif


Anything else on your mind?
Log in to MindBridge to chat with us, email support@mindbridge.ai, or reach out to your assigned Customer Success Manager.


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