The Audit Plan Risk Assessment is a critical document required under UAE auditing regulations and international standards for conducting effective audit engagements. It serves as the foundation for the audit approach, helping identify areas of significant risk that require special audit consideration. This document is mandatory for external audits conducted in the UAE and must comply with Federal Law No. 12 of 2014 and other relevant regulations. It typically precedes the detailed audit program and helps determine resource allocation, timing, and extent of audit procedures. The assessment considers various risk factors including industry-specific risks, control environment, regulatory requirements, and business operations, while incorporating UAE-specific legal and regulatory considerations.
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1. Executive Summary: High-level overview of the risk assessment approach, key findings, and major risk areas identified
2. Engagement Overview: Details of the audit engagement, including scope, objectives, and timeline
3. Entity Understanding: Comprehensive analysis of the organization's business model, operations, and environment
4. Internal Control Assessment: Evaluation of the entity's internal control framework and its effectiveness
5. Risk Assessment Methodology: Detailed explanation of the risk assessment approach and criteria used
6. Inherent Risk Analysis: Identification and assessment of inherent risks before considering control measures
7. Control Risk Evaluation: Assessment of risks considering existing control measures and their effectiveness
8. Specific Risk Areas: Detailed analysis of identified risk areas including financial reporting, compliance, and operational risks
9. Risk Response Strategy: Planned audit procedures and approaches to address identified risks
10. Resource Allocation: Assignment of audit resources based on risk assessment results
1. IT Systems Assessment: Detailed evaluation of IT systems and related risks - include when entity has significant IT dependencies
2. Industry-Specific Risk Factors: Analysis of risks unique to the entity's industry - include for specialized industries
3. Group Structure Considerations: Assessment of risks related to group structure - include for companies with subsidiaries or complex group structures
4. Previous Audit Findings: Analysis of previous audit issues and their current status - include for recurring audit engagements
5. Regulatory Compliance Assessment: Detailed review of regulatory compliance risks - include for heavily regulated industries
6. Fraud Risk Assessment: Specific assessment of fraud risks - include when fraud risks are significant concern
1. Risk Assessment Matrix: Detailed matrix showing risk ratings and their basis
2. Control Testing Schedule: Planned testing procedures for key controls
3. Key Risk Indicators: List of KRIs and their thresholds
4. Entity Organization Chart: Structural diagram showing key positions and reporting lines
5. Risk Heat Map: Visual representation of risk severity and likelihood
6. Audit Timeline: Detailed schedule of audit activities and milestones
7. Previous Audit Issues Log: Status of findings from previous audits
8. Resource Allocation Schedule: Detailed breakdown of team assignments and time budgets
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Construction
Oil and Gas
Healthcare
Retail and Consumer
Manufacturing
Technology and Communications
Transportation and Logistics
Government and Public Sector
Education
Hospitality and Tourism
Professional Services
Relevant Teams
Internal Audit
External Audit
Risk Management
Compliance
Finance
Legal
Board of Directors
Audit Committee
Senior Management
Quality Assurance
Relevant Roles
Audit Partner
Senior Audit Manager
Risk Assessment Manager
Audit Director
Internal Audit Manager
Compliance Officer
Chief Risk Officer
Chief Financial Officer
Audit Committee Chairman
Quality Assurance Director
Risk Control Manager
Senior Auditor
Financial Controller
Board Member
Chief Executive Officer
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