Audit Risk Mitigation Checklist ( AUDIT )

This checklist is designed to ensure that all necessary steps are taken to identify and mitigate risks associated with the audit process. It helps in maintaining the integrity and effectiveness of the audit by proactively addressing potential issues.

• Identify Potential Risks

  List any risks that could impact the audit's objectives, including operational, financial, and compliance risks.

• Assess Risk Impact

  Evaluate the potential impact of each identified risk on the audit objectives and assign a risk level (high, medium, low).

• Determine Risk Mitigation Strategies

  For each identified risk, outline specific strategies to mitigate the risk, including controls and processes to implement.

• Assign Responsibility

  Designate team members responsible for implementing the risk mitigation strategies and monitoring their effectiveness.

• Monitor Risks Continuously

  Establish a procedure for ongoing monitoring of identified risks throughout the audit process to ensure that mitigation strategies are effective.

• Review and Update Risks

  Regularly review the risk register and update it as necessary to reflect new risks or changes in existing risks.