The Audit Risk Assessment is a crucial document required for audit engagements in Malta, serving as a foundational element of the audit planning process. It is prepared in compliance with the Maltese Companies Act, the Accountancy Profession Act, and relevant EU directives and regulations. The document is essential when planning and conducting statutory audits, providing a structured evaluation of various risk factors that could impact the audit engagement. The assessment includes comprehensive analysis of the client's business environment, internal controls, potential fraud risks, and specific industry considerations. It helps auditors determine the nature, timing, and extent of audit procedures while ensuring compliance with both local Maltese regulatory requirements and International Standards on Auditing (ISA).
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1. Executive Summary: High-level overview of the risk assessment findings and key conclusions
2. Engagement Overview: Description of the audit engagement, client information, and scope of work
3. Entity Understanding: Detailed analysis of the entity's business model, operations, and industry context
4. Control Environment Assessment: Evaluation of the organization's internal control framework and governance structure
5. Risk Identification: Comprehensive list of identified risks across various categories (inherent, control, detection)
6. Risk Assessment Methodology: Description of the approach and criteria used for assessing risks
7. Material Misstatement Risk Analysis: Detailed assessment of risks of material misstatement at financial statement and assertion levels
8. Fraud Risk Assessment: Specific evaluation of fraud risks and related controls
9. Risk Response Strategy: Planned audit procedures and approaches to address identified risks
10. Conclusions and Recommendations: Summary of key findings and recommended actions
1. Industry-Specific Risk Factors: Additional section for entities in regulated industries or with unique sector-specific risks
2. IT Systems and Cybersecurity Assessment: Detailed evaluation of IT-related risks for entities with significant digital operations
3. Group Structure Considerations: Additional section for consolidated entities or complex group structures
4. Regulatory Compliance Assessment: Specific section for entities subject to complex regulatory requirements
5. Previous Audit Findings Follow-up: Section addressing status of previous audit recommendations and unresolved issues
6. ESG Risk Assessment: Environmental, Social, and Governance risk evaluation for relevant entities
7. Going Concern Assessment: Detailed analysis for entities with potential going concern issues
1. Risk Assessment Matrix: Detailed matrix showing risk ratings, likelihood, and impact assessments
2. Control Testing Schedule: Documentation of key controls and testing procedures
3. Financial Analysis: Key financial metrics and trend analysis supporting risk assessment
4. Risk Register: Comprehensive listing of all identified risks with detailed attributes
5. Interview Schedules: Summary of key management interviews and information gathering sessions
6. Regulatory Requirements Checklist: Checklist of applicable regulatory requirements and compliance status
7. Risk Assessment Methodology Details: Detailed explanation of risk assessment criteria and scoring system
8. Documentation Index: Index of all supporting documents and evidence gathered during the assessment
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