Audit Risk Mitigation Checklist ( AUDIT )

This checklist is designed to ensure that all potential risks identified during the audit process are adequately addressed and mitigated. It focuses on assessing the effectiveness of risk mitigation strategies and ensuring compliance with established procedures.

• Identify Risks

  Gather all possible risks associated with the audit process by reviewing past audit reports and conducting interviews with key stakeholders.

• Assess Impact and Likelihood

  Evaluate each identified risk based on its potential impact on the audit objectives and the likelihood of occurrence.

• Develop Mitigation Strategies

  Create specific strategies and action plans to mitigate each identified risk, ensuring they are practical and effective.

• Assign Responsibilities

  Designate team members responsible for implementing each mitigation strategy, ensuring accountability.

• Monitor Implementation

  Regularly check on the progress of the mitigation strategies to ensure they are being executed as planned.

• Review and Update

  Periodically review the risk mitigation strategies to ensure they remain effective and make updates as necessary based on new risks or changes in the audit environment.