The Audit Plan Risk Assessment is a fundamental document required in the Canadian audit process, aligned with Canadian Auditing Standards (CAS) and provincial regulatory requirements. It is typically prepared at the initial phase of an audit engagement to establish a structured approach to identifying and evaluating potential risks that could affect the audit's effectiveness. The document encompasses various crucial elements including understanding the entity's business environment, internal control systems, and specific risk factors that could lead to material misstatements. It serves as a strategic planning tool that guides the allocation of audit resources and determines the nature, timing, and extent of audit procedures. This document is essential for ensuring that the audit meets professional standards, regulatory requirements, and addresses key areas of concern while maintaining efficiency in the audit process.
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1. Executive Summary: Overview of the key risk assessment findings and major audit focus areas
2. Engagement Overview: Details of the audit engagement, including client information, audit objectives, and scope
3. Understanding the Entity: Analysis of the organization's business model, operations, industry context, and control environment
4. Risk Assessment Methodology: Description of the approach and frameworks used for risk assessment
5. Identified Risk Factors: Comprehensive list and analysis of identified risks, including inherent risks and control risks
6. Risk Assessment Matrix: Evaluation and ranking of risks based on likelihood and impact
7. Control Environment Assessment: Evaluation of internal controls and their effectiveness
8. Planned Audit Response: Detailed strategy for addressing identified risks through audit procedures
9. Resource Allocation: Planning of audit team resources and timeline
10. Quality Control Measures: Description of quality control procedures to be implemented during the audit
1. Industry-Specific Risk Considerations: Additional section for industries with unique regulatory requirements or risk factors
2. IT Systems Assessment: Detailed evaluation of IT systems and related risks, necessary for organizations with complex technological environments
3. Group Audit Considerations: Required when dealing with multiple entities or subsidiaries
4. Previous Audit Findings: Analysis of past audit issues and their current status, relevant for recurring audits
5. Fraud Risk Assessment: Detailed analysis of fraud risks when specific fraud concerns exist
6. Environmental, Social and Governance (ESG) Risk Assessment: Required for organizations with significant ESG reporting requirements or risks
7. COVID-19 Impact Assessment: Analysis of pandemic-related risks, relevant where COVID-19 continues to affect operations
1. Appendix A: Risk Assessment Criteria: Detailed criteria used for risk evaluation and ranking
2. Appendix B: Control Testing Plan: Detailed plan for testing identified controls
3. Appendix C: Risk Assessment Questionnaires: Templates and completed questionnaires used in risk assessment
4. Appendix D: Organization Structure Charts: Relevant organizational charts and reporting lines
5. Appendix E: Process Flowcharts: Key business process flowcharts relevant to risk assessment
6. Schedule 1: Timeline and Milestones: Detailed schedule of risk assessment and audit activities
7. Schedule 2: Resource Allocation Matrix: Detailed breakdown of team assignments and responsibilities
8. Schedule 3: Risk Register: Comprehensive register of all identified risks and their attributes
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Healthcare
Technology
Retail
Energy
Mining
Telecommunications
Real Estate
Professional Services
Public Sector
Non-Profit Organizations
Education
Transportation and Logistics
Relevant Teams
Internal Audit
External Audit
Risk Management
Compliance
Finance
Quality Assurance
Legal
Operations
Information Technology
Corporate Governance
Relevant Roles
Audit Partner
Senior Auditor
Audit Manager
Risk Assessment Specialist
Quality Assurance Director
Compliance Officer
Internal Audit Director
Chief Financial Officer
Financial Controller
Risk Manager
Audit Committee Member
Board Director
External Audit Consultant
Regulatory Compliance Manager
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