GAM Road Map
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Determine PM, TE and SAD nominal amount Identify significant accounts and disclosures and relevant assertions Understand the business Understand IT environment complexity and determine IT professional involvement Consider client acceptance/ continuance results Assess internal control at the entity level Identify fraud risks and determine responses Engagement team discussion Understand service requirements, determine audit scope, and establish the team Understand ITGCs Make combined risk assessments Team planning event Identify significant classes of transactions and related applications Understand flows of transactions, WCGWs and controls Understand and evaluate the FSCP Perform walkthroughs Evaluate ITGCs Design and execute tests of ITGCs Select controls to test Design tests of controls Prepare audit strategies memorandum Design substantive audit procedures Design general audit procedures Design tests of journal entries and other mandatory fraud procedures Post-interim event Execute tests of controls Execute tests of journal entries and other mandatory fraud procedures Update tests of ITGCs Update tests of controls Perform substantive audit procedures (lead sheets and audit plans) Reassess combined risk assessments Perform general audit procedures Wrap-up the engagement Prepare summary of audit differences Perform final overall financial statement review Prepare summary review memorandum Prepare and deliver client communications Complete documentation and archive engagement Complete review and approval summary Planning and risk identification Strategy and risk assessment Execution Conclusion and reporting GAM roadmap
Transcript of GAM Road Map
4 GAMx practical handbook
Introduction
Determine PM, TE and SAD nominal amount
Identify significant accounts and disclosures and relevant assertions
Understand the business
Understand IT environment complexity
and determine IT professional involvement
Consider client acceptance/
continuance results
Assess internal control at the
entity level
Identify fraud risks and determine responses En
gage
men
t te
am
disc
ussi
on
Und
erst
and
serv
ice
requ
irem
ents
, det
erm
ine
audi
t sc
ope,
and
est
ablis
h th
e te
am
Understand ITGCs
Make combined risk assessments
Team
pla
nnin
g ev
ent
Identify significant classes of transactions and related
applications
Understand flows of
transactions, WCGWs and
controls
Understand and
evaluatethe FSCP
Perform walkthroughs
Evaluate ITGCs
Design and execute
testsof ITGCs
Select controls to
test
Design tests of controls
Prepare audit strategies memorandum
Design substantive
audit procedures
Design generalaudit
procedures
Design tests of journal entries and other
mandatory fraud procedures
Pos
t-in
teri
m e
vent
Execute tests of controls
Execute tests of journal entries and other mandatory fraud procedures
Update tests of ITGCs
Update tests of controls
Perform substantive audit procedures (lead sheets and
audit plans)
Rea
sses
s co
mbi
ned
risk
ass
essm
ents
Perform general audit procedures
Wra
p-up
the
eng
agem
ent
Prepare summary of audit differences
Perform final overall financial statement
review
Prepare summary review memorandum
Prepare and deliver client
communications
Completedocumentation and archive engagement
Complete review and approval summary
Planning and riskidentification
Strategy and risk assessment Execution
Conclusion and reporting
GAM roadmap
Introduction
