The Audit Risk Assessment document is a crucial component of the audit planning process, required under Irish law and professional auditing standards. It is specifically designed to help auditors identify, assess, and document risks of material misstatement in financial statements, whether due to fraud or error. This document must be prepared in accordance with Irish regulatory requirements, including the Companies Act 2014 and the European Union (Statutory Audits) Regulations 2016, while also adhering to International Standards on Auditing. The assessment is typically performed at the beginning of each audit engagement and updated as necessary throughout the audit process, serving as a foundation for determining the nature, timing, and extent of audit procedures to be performed.
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1. Entity Information and Background: Overview of the entity, including its nature, size, ownership structure, and industry context
2. Engagement Context: Details of the audit engagement, scope, and any specific requirements or limitations
3. Business Environment Analysis: Assessment of external factors affecting the entity, including regulatory environment, market conditions, and industry-specific risks
4. Internal Control System Review: Evaluation of the entity's internal control framework, including control environment and monitoring activities
5. Information Systems Assessment: Analysis of IT systems, data processing, and related controls
6. Financial Reporting Framework: Review of applicable accounting standards and reporting requirements
7. Risk Identification and Assessment: Detailed analysis of identified risks, including inherent risks and control risks
8. Fraud Risk Considerations: Specific assessment of fraud risks and related controls
9. Risk Response Strategy: Planned audit approach and procedures in response to identified risks
10. Materiality Considerations: Documentation of materiality levels and basis for their determination
1. Group Structure Considerations: Required when auditing entities with complex group structures or significant subsidiaries
2. Specialist Input Requirements: Needed when the audit requires specific expert knowledge in areas like valuations or technical matters
3. Previous Audit Considerations: Relevant for recurring audits to document changes from previous risk assessments
4. Going Concern Assessment: Detailed section required when there are identified going concern risks
5. Related Party Risk Assessment: Required when the entity has significant related party transactions or relationships
6. Regulatory Compliance Framework: Needed for heavily regulated industries or public interest entities
7. Cross-Border Considerations: Required for entities with significant international operations
1. Risk Assessment Matrix: Detailed matrix showing identified risks, their assessment, and planned responses
2. Control Testing Schedule: Schedule of key controls and planned testing procedures
3. Industry-Specific Risk Factors: Detailed analysis of risks specific to the entity's industry
4. Materiality Calculations: Detailed calculations and basis for materiality determinations
5. System Process Flowcharts: Visual representations of key business processes and control points
6. Risk Assessment Questionnaires: Completed internal control and risk assessment questionnaires
7. Previous Audit Findings: Summary of relevant findings from previous audits
8. Team Planning Document: Detailed audit team responsibilities and specialist requirements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Technology
Retail
Healthcare
Professional Services
Construction
Energy
Transportation
Real Estate
Telecommunications
Public Sector
Non-Profit Organizations
Education
Agriculture
Relevant Teams
Audit
Risk Management
Compliance
Finance
Internal Audit
Quality Control
Legal
Corporate Governance
Operations
Information Technology
Relevant Roles
Audit Partner
Senior Audit Manager
Audit Manager
Senior Auditor
Junior Auditor
Risk Assessment Specialist
Quality Control Reviewer
Compliance Officer
Financial Controller
Chief Financial Officer
Internal Audit Director
Risk Manager
Audit Committee Member
Board Director
Company Secretary
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