The Audit Plan Risk Assessment is a crucial document required under Belgian audit regulations and EU audit standards for planning and documenting the audit approach for an engagement. It serves as the foundation for conducting effective audits by identifying and assessing risks of material misstatement, whether due to fraud or error. The document is mandated by the Belgian Company Code and must comply with International Standards on Auditing (ISA) as adopted in Belgium, particularly ISA 315 and related standards. It is essential for demonstrating the auditor's professional judgment in planning the audit, allocating resources, and developing appropriate audit responses to identified risks. The document becomes particularly critical for public interest entities and regulated industries where additional oversight from the Financial Services and Markets Authority (FSMA) may apply.
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1. 1. Executive Summary: Overview of the key elements of the audit plan and significant risk areas identified
2. 2. Entity Understanding: Description of the entity's business, industry, regulatory environment, and internal control system
3. 3. Audit Scope and Objectives: Clear definition of the audit engagement scope, objectives, and any limitations
4. 4. Risk Assessment Methodology: Description of the approach and methods used for risk assessment
5. 5. Materiality Determination: Documentation of materiality levels and their basis of calculation
6. 6. Key Risk Areas Identified: Detailed analysis of significant risks identified at financial statement and assertion levels
7. 7. Internal Control Evaluation: Assessment of the entity's internal control system and identified control risks
8. 8. Fraud Risk Assessment: Specific consideration of fraud risks and planned responses
9. 9. Audit Strategy and Approach: Planned audit responses to identified risks and overall audit strategy
10. 10. Resource Planning: Allocation of team resources and expertise to address identified risks
11. 11. Timeline and Key Milestones: Detailed schedule of audit activities and deadlines
1. Industry-Specific Risk Considerations: Additional section for entities in regulated industries (e.g., financial services, healthcare) requiring specific risk considerations
2. Group Audit Considerations: Required when the entity is part of a group structure, addressing group-wide risks and coordination with component auditors
3. IT Systems Risk Assessment: Detailed section for entities with complex IT systems or when IT risks are significant to the audit
4. Going Concern Assessment: Additional section when there are identified going concern risks or uncertainties
5. Related Party Risk Assessment: Expanded section when there are significant related party transactions or relationships
6. Regulatory Compliance Assessment: Additional section for entities subject to specific regulatory requirements
1. Appendix A - Risk Assessment Matrix: Detailed matrix showing identified risks, their assessment, and planned responses
2. Appendix B - Materiality Calculations: Detailed calculations and bases for materiality determinations
3. Appendix C - Entity Organization Chart: Structure of the entity and key personnel involved in the audit
4. Appendix D - Key Financial Indicators: Analysis of key financial metrics and trends relevant to risk assessment
5. Appendix E - Planning Analytics: Preliminary analytical procedures and their results
6. Appendix F - Team Structure and Responsibilities: Detailed audit team composition and assigned responsibilities
7. Appendix G - Prior Year Findings: Summary of previous audit findings and their impact on current year risk assessment
8. Appendix H - Meeting Minutes: Documentation of key planning meetings and discussions
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