Financial Statement Risk Assessment

Financial Statement Risk Assessment Template for New Zealand

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Key Requirements PROMPT example:

"I need a Financial Statement Risk Assessment for a medium-sized technology company listed on the NZX, focusing particularly on cybersecurity risks and international revenue recognition, to be completed by March 2025."

Document background

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.

Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

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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