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Prepare an audit risk matrix based on SA-315 (Understanding the Entity and Its Environment). Identify risks at financial statement level and assertion level. Maps risks to audit procedures, materiality thresholds, and working paper references.
Codex 또는 Claude로 설치 이 Prompt를 복사해 Codex, Claude 또는 다른 어시스턴트에 붙여 넣으면 Skill 페이지를 검토하고 설치를 진행할 수 있습니다.
SOC 직업 분류 기준
| name | risk-matrix |
| description | Prepare an audit risk matrix based on SA-315 (Understanding the Entity and Its Environment). Identify risks at financial statement level and assertion level. Maps risks to audit procedures, materiality thresholds, and working paper references. |
| when_to_use | At the planning stage of an audit. Before developing the audit plan, prepare a risk matrix to identify significant risks and design appropriate audit responses. |
| effort | high |
| model | claude-opus-4-7 |
| allowed-tools | ["mcp__memory_bank__get_client","mcp__memory_bank__get_firm_profile","Read","Write"] |
FINANCIAL INTEGRITY: The risk assessment is the foundation of the entire audit. All significant risks must be identified and must have corresponding audit procedures. Skipping risks leads to audit failure and potential negligence liability for the firm.
SA-315 requires the auditor to:
Ask the CA to provide:
MATERIALITY CALCULATION:
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Benchmark | Percentage | Amount
Revenue | 0.5–1% | Rs.X,XX,XXX
Total Assets | 0.5–1% | Rs.X,XX,XXX
Profit Before Tax | 5–10% | Rs.X,XX,XXX
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
Selected Overall Materiality : Rs.X,XX,XXX
Performance Materiality (75%) : Rs.X,XX,XXX
Trivial / Clearly Inconsequential: Rs.XX,XXX
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| # | Area/Assertion | Risk Description | Inherent Risk | Control Risk | Combined RMM | Significant? | Audit Response | WP Ref |
|---|---|---|---|---|---|---|---|---|
| 1 | Revenue — Completeness | Sales not recorded / understated | High | Medium | High | YES | Cut-off procedures, post year-end sales testing | A-12 |
| 2 | Revenue — Occurrence | Fictitious revenues recorded | Medium | Low | Medium | No | Vouching large items > materiality | A-14 |
| 3 | Purchases — Completeness | Year-end accruals missing | High | Medium | High | YES | Cut-off, creditor reconciliation | B-10 |
| 4 | Inventory — Existence | Inventory overstated / phantom | Medium | High | High | YES | Physical verification, CARO Clause (ii) | C-01 |
| 5 | Fixed Assets — Valuation | Impairment not recognised | Medium | Medium | Medium | No | Market value comparison | D-05 |
| 6 | Related Party — Disclosure | Undisclosed related party txns | High | Low | High | YES | Director declarations, company search | E-08 |
| 7 | Contingent Liabilities | Pending litigations not disclosed | High | Low | High | YES | Management representation, legal letters | F-12 |
| 8 | Going Concern | Significant losses / NCA | Medium | Low | Medium | No | Cash flow review, post-audit events | G-01 |
Significant risks are those that require special audit consideration. Typically:
For each significant risk: Design specific audit procedures beyond standard substantive testing.
SIGNIFICANT RISK RESPONSES:
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Risk: Revenue manipulation (fraud)
Response:
- Analytical review of monthly revenue (year-on-year, seasonal patterns)
- Journal entry testing for unusual entries near year-end
- Confirmation of top 10 customers' outstanding balances
- Revenue recognition policy review + sample contracts
Risk: Related party transactions
Response:
- Obtain complete list of related parties + reconcile with MCA filings
- For each transaction > materiality: full vouching + commercial reasonability
- Management representation letter — all related parties disclosed
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