The Internal Audit Plan Risk Assessment is a crucial governance document required under South African corporate governance frameworks, particularly for listed companies and public sector entities. It serves as the primary tool for identifying and evaluating organizational risks to develop a focused, risk-based internal audit strategy. The document incorporates requirements from multiple sources including the Companies Act, King IV Code, and international audit standards (IPPF). It is typically prepared annually or when significant organizational changes occur, requiring input from various stakeholders across the organization. The assessment considers strategic, operational, financial, and compliance risks, providing a comprehensive view of the organization's risk landscape and forming the basis for internal audit resource allocation.
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1. Executive Summary: High-level overview of the risk assessment approach, key findings, and major risk areas identified
2. Introduction and Scope: Purpose of the risk assessment, scope of review, and limitations
3. Methodology: Detailed explanation of risk assessment approach, scoring criteria, and assessment frameworks used
4. Organizational Context: Overview of the organization's structure, objectives, and operating environment
5. Strategic Risk Assessment: Assessment of risks related to strategic objectives and business goals
6. Operational Risk Assessment: Evaluation of risks in day-to-day operations, processes, and systems
7. Compliance Risk Assessment: Analysis of regulatory compliance risks and governance requirements
8. Risk Prioritization Matrix: Heat map or matrix showing risk rankings and prioritization
9. Proposed Audit Plan: Recommended internal audit coverage based on risk assessment results
10. Resource Requirements: Assessment of resources needed to execute the proposed audit plan
1. IT Risk Assessment: Detailed assessment of technology and cybersecurity risks - include for organizations with significant IT dependencies
2. Financial Risk Assessment: Specific focus on financial risks - relevant for financial institutions or organizations with complex financial structures
3. ESG Risk Assessment: Environmental, Social, and Governance risk evaluation - important for listed companies and organizations with ESG commitments
4. Fraud Risk Assessment: Detailed fraud risk evaluation - essential for high-risk industries or where required by specific regulations
5. Third-Party Risk Assessment: Evaluation of risks related to vendors and external partners - include when significant outsourcing exists
6. Business Continuity Risks: Assessment of business continuity and disaster recovery risks - crucial for critical infrastructure or essential services
1. Appendix A: Risk Assessment Criteria: Detailed criteria and scoring methodology used for risk assessment
2. Appendix B: Risk Register: Comprehensive list of identified risks with ratings and controls
3. Appendix C: Control Framework Assessment: Evaluation of existing control environment and its effectiveness
4. Appendix D: Stakeholder Interview List: List of key stakeholders interviewed during the risk assessment process
5. Appendix E: Previous Audit Findings: Summary of relevant previous audit findings and their current status
6. Appendix F: Risk Assessment Tools: Details of tools, software, and templates used in the risk assessment process
7. Appendix G: Regulatory Requirements Matrix: Matrix mapping applicable regulatory requirements to risk areas
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Mining and Resources
Manufacturing
Retail
Healthcare
Technology
Public Sector
Education
Telecommunications
Energy and Utilities
Professional Services
Transportation and Logistics
Real Estate
Non-Profit Organizations
Relevant Teams
Internal Audit
Risk Management
Compliance
Finance
Legal
Information Technology
Operations
Human Resources
Procurement
Strategic Planning
Corporate Governance
Quality Assurance
Relevant Roles
Chief Audit Executive
Internal Audit Manager
Risk Manager
Compliance Officer
Chief Risk Officer
Chief Financial Officer
Chief Executive Officer
Audit Committee Chair
Risk Committee Chair
Board Director
Internal Audit Director
Senior Internal Auditor
Risk Assessment Specialist
Governance Manager
Corporate Secretary
Control Assessment Specialist
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