Intermediate

Risk assessment worksheet: assertions mapped to FS line items

Creates a risk assessment matrix mapping FS line items to assertions, risks, and planned procedures. Useful for standardizing planning and ensuring completeness across cycles.

Create a risk assessment matrix for {client_name}.

Inputs:
- FS line items / TB mapping: {fs_line_items}
- Business & industry risks: {business_risks}
- Fraud considerations: {fraud_considerations}
- Entity-level controls summary: {entity_level_controls}
- Materiality: {materiality}

Output:
1) Matrix table: FS line item, Significant? (Y/N), Assertions, Inherent risk (L/M/H), Control reliance? (Y/N), Planned procedures.
2) Rationale notes for high-risk areas.
3) Linkage: risks → procedures (ensure each significant risk has a response).
4) Items requiring specialist involvement (IT, valuation, tax).

Ask for missing inputs only if needed to complete the matrix.

Related Prompts

Auditing & Assurance

Intermediate

Audit planning memo: scope, materiality, and timeline

Drafts an audit planning memo with scope, key risks, materiality, and a fieldwork timeline. Built for audit seniors/managers who need a review-ready planning document quickly.

GPT-5.2 Thinking; GPT-4.1; o3-mini

Auditing & Assurance

Intermediate

Operating Leverage & Risk Assessment

Measures how a percentage change in sales affects operating income.

GPT-4oClaude 3.5 Sonnet

Auditing & Assurance

Intermediate

Audit finding memo: condition, criteria, cause, effect, recommendation

Drafts a clear audit finding memo using the 5C format and proposes remediation. Useful for internal audit and external audit communications.

GPT-5.2 Thinking; GPT-4.1; o3-mini