Audit Risk Assessment Checklist ( AUDIT )

This checklist is designed to guide auditors in conducting a thorough risk assessment prior to beginning an audit. It ensures that all potential risks are identified and evaluated to enhance the effectiveness of the audit process.

• Identify Key Areas of Risk

  List out all departments or processes that will be audited and assess their inherent risks based on past audits and operational changes.

• Evaluate Impact of Risks

  Determine the potential impact of identified risks on the audit objectives and the organization as a whole.

• Assess Likelihood of Risk Occurrence

  Evaluate how likely each identified risk is to occur based on historical data and current controls in place.

• Prioritize the Risks

  Rank the identified risks based on their impact and likelihood to focus on high-risk areas during the audit.

• Review Existing Controls

  Examine the effectiveness of existing controls in place to mitigate the identified risks and determine if they are adequate.

• Document Risk Assessment Findings

  Compile all findings and assessments into a risk assessment report that will be referenced during the audit.

• Discuss Findings with Audit Team

  Review the risk assessment findings with the audit team to ensure everyone is aligned on the risk factors and audit focus areas.