Audit Risk Mitigation Checklist ( AUDIT )

This checklist is designed to ensure that all potential risks identified during the audit process are addressed and mitigated effectively. Each step focuses on evaluating risk factors and implementing controls to minimize the impact on the audited entity.

• Identify Key Risks

  List and categorize the key risks that could potentially affect the audit outcomes.

• Assess Risk Impact

  Evaluate the potential impact of each identified risk on the audit objectives.

• Determine Risk Likelihood

  Assess the likelihood of occurrence for each identified risk based on historical data and expert judgment.

• Develop Risk Mitigation Strategies

  Create strategies to mitigate each identified risk, specifying actions, resources needed, and responsible parties.

• Implement Mitigation Plans

  Execute the developed risk mitigation strategies and ensure that all team members are informed of their responsibilities.

• Monitor Mitigation Effectiveness

  Regularly review the effectiveness of the implemented mitigation strategies and adjust as necessary.

• Document Risk Management Activities

  Maintain comprehensive records of the risk assessments, mitigation strategies, and monitoring activities for future reference.