The Audit Risk Assessment Template serves as a critical tool for audit professionals operating within the UAE's regulatory framework. This document is essential for conducting thorough risk assessments prior to and during audit engagements, ensuring compliance with UAE federal laws, including Federal Law No. 2 of 2015 (Commercial Companies Law) and Federal Law No. 12 of 2014 (Auditing Law). The template is designed to help identify, assess, and document potential risks that could affect the audit objectives, incorporating specific UAE regulatory requirements while adhering to International Standards on Auditing. It should be used at the planning phase of any audit engagement and updated throughout the audit process as new risks are identified. The template includes comprehensive sections covering business understanding, risk evaluation matrices, control assessment frameworks, and specific considerations for UAE business practices and regulatory requirements.
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1. Document Control Information: Details of document version, date, approvers, and revision history
2. Entity Overview: Basic information about the entity being audited, including legal structure, ownership, and business operations
3. Assessment Scope and Objectives: Clear definition of the assessment's scope, objectives, and limitations
4. Risk Assessment Methodology: Description of the approach and methodology used for risk assessment
5. Understanding of Business Environment: Analysis of internal and external factors affecting the entity's business environment
6. Internal Control Assessment: Evaluation of the entity's internal control systems and governance structure
7. Risk Identification: Identification and categorization of various risks (inherent, control, detection risks)
8. Risk Assessment Matrix: Detailed assessment of identified risks including likelihood and impact analysis
9. Conclusions and Recommendations: Summary of key findings and recommended risk response strategies
1. Industry-Specific Risk Factors: Additional section for entities in regulated industries like financial services or healthcare
2. Group Structure Considerations: Required for entities with complex group structures or international operations
3. IT Systems and Cybersecurity Assessment: Detailed assessment of IT-related risks for technology-dependent entities
4. Regulatory Compliance Assessment: Specific section for entities subject to multiple regulatory frameworks
5. Environmental and Social Governance (ESG) Risks: Assessment of ESG-related risks for entities with significant environmental or social impact
1. Schedule A: Risk Assessment Questionnaire: Detailed questionnaire used for gathering risk-related information
2. Schedule B: Risk Rating Criteria: Defined criteria and matrices for risk evaluation and scoring
3. Schedule C: Control Testing Templates: Standard templates for testing and evaluating internal controls
4. Appendix 1: Risk Register Template: Template for documenting and tracking identified risks
5. Appendix 2: Previous Audit Findings: Summary of relevant findings from previous audits
6. Appendix 3: Regulatory Requirements Checklist: Checklist of applicable UAE regulatory requirements
7. Appendix 4: Industry Benchmarking Data: Comparative data for industry-specific risk assessment
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Insurance
Real Estate
Manufacturing
Retail
Healthcare
Technology
Construction
Energy
Telecommunications
Transportation and Logistics
Professional Services
Education
Hospitality
Relevant Teams
Internal Audit
External Audit
Risk Management
Compliance
Finance
Corporate Governance
Quality Assurance
Legal
Operations
Information Technology
Relevant Roles
Chief Audit Executive
Internal Audit Manager
External Audit Partner
Risk Assessment Specialist
Compliance Manager
Financial Controller
Audit Senior
Risk Manager
Quality Assurance Director
Corporate Governance Officer
Audit Committee Member
Internal Control Specialist
Senior Auditor
Junior Auditor
Audit Methodology Manager
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