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Internal Audit Risk Assessment and Audit Planning Supplemental Handouts CIA Spring 2011 May 6, 2011The Institute of Internal Auditors Institute of Internal Auditors Page 1 of 1PRINTCLOSEInteractive

How to fill out internal audit risk assessment

How to fill out internal audit risk assessment:

1. Start by identifying the scope of the audit and the objectives you want to achieve. This will help you determine the areas that need to be assessed for potential risks.
2. Gather relevant information about the organization's operations, processes, and internal controls. This may include reviewing policies and procedures, conducting interviews with key personnel, and examining documentation.
3. Identify and evaluate potential risks that could impact the organization's ability to achieve its objectives. This could include financial risks, operational risks, compliance risks, and strategic risks. Consider both internal and external factors that could contribute to these risks.
4. Assess the likelihood and potential impact of each identified risk. This can be done through a combination of qualitative and quantitative analysis, such as using risk matrices or probability and impact scales.
5. Prioritize the risks based on their likelihood and impact. This will help you focus your resources on addressing the most significant risks first. You may also consider the organization's risk appetite or tolerance levels in determining the priority.
6. Develop appropriate risk responses or mitigation strategies for each identified risk. This may involve implementing controls, policies, or procedures to minimize the likelihood or impact of the risks. It is important to involve relevant stakeholders in the decision-making process.
7. Monitor and review the effectiveness of the implemented risk responses. Regularly assess the controls and measures put in place to ensure they are operating effectively and are aligned with the organization's risk management objectives.

Who needs internal audit risk assessment?

1. Organizations of all sizes and industries can benefit from conducting internal audit risk assessments. This includes public and private companies, non-profit organizations, and government entities.
2. Executives and senior management: Internal audit risk assessments provide valuable insights to help executives and senior management understand the risks their organization faces and make informed decisions. It helps them prioritize and allocate resources to manage these risks effectively.
3. Board of Directors: Board members have a fiduciary responsibility to oversee the organization's risk management activities. Internal audit risk assessments provide them with assurance that risks are being identified, evaluated, and managed appropriately.
4. Internal Audit Function: Internal auditors are responsible for assessing the effectiveness of an organization's internal controls and risk management processes. Conducting risk assessments is a fundamental part of their role in providing independent and objective assurance to the organization.
5. External stakeholders: In some cases, external stakeholders such as regulatory agencies, investors, and lenders may require organizations to conduct internal audit risk assessments as part of their compliance or due diligence processes.

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