The Audit Risk Assessment Matrix is a fundamental planning document required for audit engagements in Canada, designed to comply with Canadian Auditing Standards (CAS) and provincial regulatory requirements. This document is essential during the planning phase of an audit engagement and serves as a living document throughout the audit process. It systematically captures and evaluates various risk factors that could impact the audit, including business risks, fraud risks, and industry-specific considerations. The matrix helps audit teams determine appropriate responses to identified risks and allocate resources effectively. It must be updated as new information becomes available and is particularly crucial for demonstrating compliance with professional standards and supporting audit conclusions. The document is used across all industries where audits are performed, with specific considerations varying based on the sector, size, and complexity of the organization being audited.
Your data doesn't train Genie's AI
You keep IP ownership聽of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let tiktok成人版's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Introduction and Scope: Overview of the audit engagement, client information, and assessment period
2. Risk Assessment Methodology: Description of the approach used for risk assessment, including rating criteria and assessment frameworks
3. Entity Understanding: Analysis of the organization's business environment, operations, and control environment
4. Inherent Risk Assessment: Identification and evaluation of inherent risks before considering internal controls
5. Control Risk Assessment: Evaluation of internal control effectiveness and impact on audit risk
6. Detection Risk Considerations: Assessment of risks related to the ability to detect material misstatements
7. Combined Risk Assessment: Overall risk evaluation combining inherent, control, and detection risk assessments
8. Risk Response Strategies: Planned audit procedures and approaches to address identified risks
9. Monitoring and Update Procedures: Processes for ongoing monitoring and updating of risk assessments during the audit
1. Industry-Specific Risk Factors: Additional risk considerations specific to the client's industry - include for specialized sectors like financial services, healthcare, or regulated industries
2. IT Systems Risk Assessment: Detailed evaluation of IT systems and related risks - include for organizations with complex IT environments or significant digital operations
3. Fraud Risk Assessment: Specific assessment of fraud risks and red flags - include when there are heightened fraud risks or regulatory requirements
4. Group Audit Considerations: Risk assessment for group audit scenarios - include when dealing with multiple entities or international operations
5. ESG Risk Factors: Environmental, Social, and Governance risk considerations - include for organizations with significant ESG reporting requirements or risks
1. Risk Assessment Criteria Matrix: Detailed criteria for risk rating and classification
2. Risk Register: Comprehensive listing of all identified risks and their assessments
3. Control Testing Schedule: Planned testing procedures for key controls
4. Risk Heat Map: Visual representation of risk assessment results
5. Previous Audit Issues Log: Summary of prior audit findings and their current status
6. Industry Benchmarking Data: Comparative data used for risk assessment
7. Risk Assessment Questionnaires: Templates and completed risk assessment questionnaires
8. Process Flowcharts: Key process flows relevant to risk assessment
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Healthcare
Technology
Retail
Energy
Mining
Real Estate
Telecommunications
Professional Services
Public Sector
Non-Profit Organizations
Education
Transportation and Logistics
Relevant Teams
Audit
Risk Management
Internal Audit
Finance
Compliance
Quality Assurance
Corporate Governance
Financial Reporting
Operations
Information Technology
Relevant Roles
Audit Partner
Senior Audit Manager
Audit Manager
Senior Auditor
Staff Auditor
Risk Assessment Specialist
Quality Assurance Manager
Engagement Quality Reviewer
Internal Audit Director
Chief Financial Officer
Financial Controller
Risk Manager
Compliance Officer
Audit Committee Member
Find the exact document you need
Ml Tf Risk Assessment
A regulatory-compliant assessment of money laundering and terrorist financing risks for organizations operating under Canadian AML/CTF legislation.
find out more
Jsa Risk Assessment
A Canadian-compliant systematic analysis of workplace tasks, hazards, and control measures for ensuring occupational safety and regulatory compliance.
find out more
Health And Safety Assessment
A Canadian regulatory-compliant workplace safety evaluation document that assesses hazards, risks, and control measures according to federal and provincial health and safety requirements.
find out more
Fire Risk Assessment For Restaurants
A Canadian-compliant fire risk assessment document for evaluating and managing fire safety in restaurant operations, ensuring regulatory compliance and operational safety.
find out more
Farm Fire Risk Assessment
A Canadian regulatory-compliant assessment document that evaluates fire risks and safety measures for agricultural properties, ensuring compliance with federal and provincial fire safety standards.
find out more
Workplace Stress Risk Assessment
A Canadian-compliant workplace stress risk assessment tool for identifying, evaluating, and managing psychological hazards and stress-related risks in the workplace.
find out more
Risk Assessment Hairdressing Salon
A Canadian-compliant risk assessment template for hairdressing salons, covering workplace safety, chemical handling, and public health requirements.
find out more
Risk Assessment Questionnaire
A Canadian-compliant risk assessment questionnaire for systematic identification and evaluation of workplace risks, aligned with federal and provincial safety regulations.
find out more
Restaurant Fire Risk Assessment
A Canadian-compliant fire safety evaluation document for restaurants that assesses risks, ensures regulatory compliance, and provides safety recommendations.
find out more
Preschool Risk Assessment
A Canadian-compliant risk assessment framework for preschool facilities, ensuring comprehensive safety evaluation and regulatory compliance under federal and provincial requirements.
find out more
Online Banking Risk Assessment
A Canadian regulatory-compliant risk assessment framework for evaluating online banking security, operational risks, and control effectiveness in financial institutions.
find out more
Cyber Threat Assessment
Canadian-law governed agreement for conducting professional cyber threat assessments, ensuring compliance with federal and provincial privacy regulations.
find out more
COVID Hazard Assessment
A Canadian workplace safety document for assessing and managing COVID-19 transmission risks, ensuring compliance with federal and provincial health and safety regulations.
find out more
Museum Risk Assessment
A Canadian-compliant museum risk assessment document evaluating security, environmental, collection management, and safety risks while providing actionable recommendations.
find out more
Local Risk Assessment
A mandatory Canadian workplace safety document that systematically identifies, analyzes, and evaluates potential hazards and risks, ensuring compliance with federal and provincial safety regulations.
find out more
Risk Assessment For Churches
A Canadian-jurisdiction risk assessment framework for churches, addressing safety, compliance, and operational risks under federal and provincial regulations.
find out more
Credit Union Risk Assessment
A regulatory-compliant risk assessment document for Canadian credit unions evaluating all major risk categories and providing mitigation strategies.
find out more
COVID Risk Assessment
A Canadian workplace Covid-19 risk assessment document that evaluates health risks and establishes safety protocols in compliance with federal and provincial regulations.
find out more
Challenging Behaviour Risk Assessment
A Canadian-compliant assessment tool for evaluating and managing challenging behaviors, incorporating federal and provincial healthcare and privacy requirements.
find out more
Planning And Risk Assessment In Auditing
A Canadian-compliant audit planning and risk assessment framework document that outlines the strategic approach and risk considerations for audit engagements under CAS standards.
find out more
Liquidity Risk Assessment
A regulatory-compliant assessment of an organization's liquidity risk profile and management framework under Canadian financial regulations.
find out more
Mobile Catering Risk Assessment
A Canadian-compliant risk assessment template for mobile catering operations, addressing food safety, vehicle safety, and operational hazards under federal and provincial regulations.
find out more
Information Technology Risk Assessment
Canadian contract template for IT risk assessment services, compliant with federal and provincial regulations, outlining assessment scope, methodology, and deliverables.
find out more
Double Glazing Risk Assessment
A Canadian-compliant technical assessment document evaluating safety and performance risks associated with double glazing installations in buildings.
find out more
Community Event Risk Assessment
A Canadian-compliant risk assessment framework for community events, ensuring comprehensive safety and regulatory compliance in public gatherings.
find out more
Client Risk Assessment Questionnaire
A Canadian-compliant questionnaire for assessing client risk tolerance and investment suitability, meeting regulatory KYC requirements.
find out more
Abc Risk Assessment
A Canadian-compliant risk assessment document for systematic evaluation and management of organizational risks under federal and provincial regulations.
find out more
Abac Risk Assessment
A Canadian-compliant risk assessment document for implementing Attribute-Based Access Control (ABAC) systems, addressing technical, operational, and regulatory requirements.
find out more
Software Validation Risk Assessment
A risk assessment document for software validation processes, compliant with Canadian regulatory requirements and industry standards.
find out more
Risk Assessment Matrix Oil And Gas
A comprehensive risk assessment framework for Canadian oil and gas operations, ensuring compliance with federal and provincial regulations while standardizing risk evaluation and management processes.
find out more
Workstation Risk Assessment
A Canadian workplace document for evaluating workstation safety and ergonomic conditions, ensuring compliance with federal and provincial health and safety regulations.
find out more
Risk Assessment Questionnaire For Banks
A Canadian regulatory-compliant risk assessment questionnaire for banks to evaluate and document their risk exposure and control effectiveness across all operational areas.
find out more
Rapid Risk Assessment
A structured risk assessment document compliant with Canadian regulations for rapid identification and mitigation of operational hazards and risks.
find out more
Hot Works Risk Assessment
A Canadian-compliant risk assessment document for managing safety in hot works operations, including welding, cutting, and other heat-producing activities.
find out more
Cyber Security Risk Assessment Matrix
A structured framework for assessing and managing cybersecurity risks in compliance with Canadian privacy and security regulations.
find out more
Compressed Air Risk Assessment
A Canadian regulatory-compliant risk assessment document for evaluating and managing safety hazards associated with workplace compressed air systems.
find out more
Forestry Risk Assessment
A Canadian regulatory compliance document assessing risks and mitigation strategies in forestry operations, adhering to federal and provincial requirements.
find out more
Machine Guarding Assessment
A technical safety assessment document evaluating machine guarding systems and compliance with Canadian federal and provincial safety regulations, providing recommendations for safety improvements.
find out more
Person Centred Risk Assessment
A Canadian-compliant person-centered risk assessment tool for identifying and managing individual risks in healthcare and social service settings.
find out more
Latex Risk Assessment
A Canadian regulatory-compliant workplace safety document that assesses and manages latex-related risks, establishing control measures and safety protocols in accordance with federal and provincial requirements.
find out more
骋别苍颈别鈥檚 Security Promise
Genie is the safest place to draft. Here鈥檚 how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; 骋别苍颈别鈥檚 AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)