Audit Plan Risk Assessment

Audit Plan Risk Assessment Template for New Zealand

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Key Requirements PROMPT example:

"I need an Audit Plan Risk Assessment for a medium-sized fintech company in New Zealand, with particular emphasis on cryptocurrency trading risks and cybersecurity threats, to be completed before March 2025."

Document background

The Audit Plan Risk Assessment is a crucial document required for audit engagements in New Zealand, designed to comply with local regulatory requirements and professional standards. It serves as the foundation for developing an effective audit strategy by systematically identifying and evaluating potential risks that could affect the audit engagement. The document is essential for both statutory audits under the Companies Act 1993 and voluntary audits, incorporating requirements from New Zealand's Financial Markets Conduct Act 2013 and International Standards on Auditing (NZ). It must be prepared before commencing significant audit procedures and updated as new information becomes available during the engagement. The assessment considers various risk factors including business environment, internal controls, financial reporting frameworks, and compliance with New Zealand-specific regulatory requirements.

Suggested Sections

1. Executive Summary: Overview of the key findings, major risk areas identified, and high-level conclusions of the risk assessment

2. Engagement Overview: Details of the audit engagement, including scope, objectives, and timing

3. Entity Understanding: Comprehensive overview of the entity's business, operations, industry, and regulatory environment

4. Control Environment Assessment: Evaluation of the entity's internal control framework and governance structures

5. Risk Assessment Methodology: Description of the approach and methods used to identify and assess risks

6. Identified Risks: Detailed analysis of identified risks, including inherent risks and fraud risks

7. Risk Assessment Matrix: Classification and rating of identified risks based on likelihood and impact

8. Planned Audit Response: Proposed audit procedures and approaches to address identified risks

9. Resource Allocation: Planning of audit resources and expertise required to address identified risks

10. Timeline and Milestones: Detailed schedule of the audit process and key deliverables

Optional Sections

1. IT Systems Assessment: Detailed evaluation of IT systems and related risks, required for entities with complex IT environments

2. Industry-Specific Risk Factors: Analysis of risks unique to the entity's industry, included for entities in specialized or highly regulated sectors

3. Group Structure Considerations: Assessment of risks related to group structures and components, required for group audits

4. Previous Audit Findings: Analysis of previous audit issues and their current status, included for recurring audit clients

5. Regulatory Compliance Assessment: Detailed assessment of compliance risks, required for heavily regulated entities

6. Sustainability and ESG Risks: Assessment of environmental, social, and governance risks, included for entities with significant ESG impact or reporting requirements

7. Covid-19 Impact Assessment: Evaluation of pandemic-related risks, included where ongoing impact is significant

Suggested Schedules

1. Appendix A: Risk Assessment Criteria: Detailed criteria and methodology used for risk assessment and rating

2. Appendix B: Entity's Organizational Structure: Detailed organizational charts and governance structure

3. Appendix C: Financial Analysis: Key financial metrics, trends, and analytical procedures performed

4. Appendix D: Control Testing Plan: Detailed plan for testing key controls identified during risk assessment

5. Appendix E: Risk Register: Comprehensive register of all identified risks with detailed descriptions and ratings

6. Appendix F: Industry Benchmarking: Comparative analysis against industry benchmarks and peers

7. Appendix G: Meeting Minutes: Summary of key meetings with management and those charged with governance

8. Appendix H: Technical Requirements: Detailed technical requirements and standards applicable to the audit

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Manufacturing

Retail

Technology

Healthcare

Public Sector

Non-Profit Organizations

Energy and Utilities

Professional Services

Education

Construction and Real Estate

Agriculture

Transportation and Logistics

Mining and Resources

Telecommunications

Relevant Teams

Audit

Risk Assurance

Quality Control

Internal Audit

Finance

Compliance

Risk Management

Board

Executive Leadership

Governance

Relevant Roles

Audit Partner

Senior Audit Manager

Audit Manager

Senior Auditor

Audit Associate

Risk Assurance Director

Quality Assurance Manager

Chief Financial Officer

Financial Controller

Internal Audit Manager

Compliance Officer

Risk Manager

Board Member

Audit Committee Chair

Managing Director

Chief Executive Officer

Chief Risk Officer

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