Audit Risk Mitigation Checklist ( AUDIT )

This checklist is designed to ensure that all potential risks identified during the audit planning phase are addressed and mitigated appropriately. It assists in systematically reviewing the risks and implementing suitable mitigation strategies.

• Identify Audit Risks

  Compile a list of potential risks that could affect the audit objectives. Consider operational, financial, and compliance risks.

• Assess Risk Impact

  Evaluate the potential impact of each identified risk on the audit results. Categorize risks as high, medium, or low impact.

• Develop Mitigation Strategies

  For each risk, outline specific strategies to mitigate or manage the risk effectively.

• Assign Responsibilities

  Designate team members responsible for implementing each mitigation strategy and tracking progress.

• Monitor Risks

  Establish a timeline and method for ongoing monitoring of identified risks throughout the audit process.

• Review Mitigation Effectiveness

  At the conclusion of the audit, evaluate the effectiveness of the implemented risk mitigation strategies and document lessons learned.