The Audit Plan Risk Assessment is a crucial document required under Indonesian audit regulations and professional standards, serving as the foundation for risk-based audit approaches. It is prepared during the planning phase of an audit engagement and must comply with requirements set forth by the Indonesian Financial Services Authority (OJK) and the Indonesian Institute of Certified Public Accountants (IAPI). The document is essential for determining the nature, timing, and extent of audit procedures based on identified risks, incorporating both entity-level and assertion-level risk assessments. It should be updated as new information becomes available during the audit and serves as a key reference document for quality control reviews and regulatory inspections.
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1. Executive Summary: Overview of the audit risk assessment objectives, scope, and key findings
2. Engagement Information: Basic information about the client, audit period, team members, and key contacts
3. Understanding the Entity: Analysis of the organization's business model, operations, industry context, and regulatory environment
4. Internal Control Assessment: Evaluation of the entity's internal control systems, including control environment and monitoring activities
5. Risk Assessment Procedures: Detailed methodology for identifying and assessing risks, including inherent and control risks
6. Materiality Considerations: Documentation of materiality levels and basis for their determination
7. Fraud Risk Assessment: Specific assessment of fraud risks and related controls
8. Risk Response Strategy: Planned audit responses to identified risks, including testing approaches and sample sizes
9. Resource Allocation: Planning of audit resources, timeline, and budget based on risk assessment
10. Quality Control Measures: Procedures to ensure quality control throughout the risk assessment process
1. IT Systems Assessment: Detailed evaluation of IT systems and related risks, required for entities with complex IT environments
2. Industry-Specific Risk Factors: Additional risk considerations specific to the client's industry, particularly relevant for regulated industries
3. Group Audit Considerations: Additional procedures for group audits with multiple components or subsidiaries
4. Prior Year Findings Review: Analysis of previous audit findings and their impact on current risk assessment, relevant for recurring audits
5. Regulatory Compliance Assessment: Specific section for entities subject to complex regulatory requirements
6. Environmental and Social Risk Assessment: Evaluation of environmental and social risks, particularly relevant for companies with significant environmental impact or ESG reporting requirements
1. Risk Assessment Matrix: Detailed matrix showing identified risks, their assessment, and planned responses
2. Materiality Calculation Schedule: Detailed calculations and basis for materiality determinations
3. Internal Control Questionnaire: Comprehensive questionnaire used for internal control evaluation
4. Entity Organization Chart: Detailed structure of the organization including key personnel and reporting lines
5. Risk Assessment Procedures Checklist: Detailed checklist of risk assessment procedures to be performed
6. Fraud Risk Factors Checklist: Specific checklist for identifying and assessing fraud risks
7. Timeline and Resource Allocation Schedule: Detailed schedule of audit activities and resource assignments
8. Prior Year Issues Log: Summary of prior year audit issues and their current status
9. Industry Benchmark Analysis: Comparative analysis of industry risks and benchmarks
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Insurance
Manufacturing
Mining and Resources
Retail
Technology
Healthcare
Real Estate
Construction
Transportation and Logistics
Consumer Goods
Energy
Telecommunications
Public Sector
Relevant Teams
Audit
Risk Management
Internal Audit
Compliance
Finance
Quality Assurance
Legal
Operations
Information Technology
Corporate Governance
Relevant Roles
Audit Partner
Audit Manager
Senior Auditor
Risk Assessment Specialist
Quality Assurance Director
Compliance Officer
Chief Financial Officer
Internal Audit Director
Risk Management Officer
Financial Controller
Audit Committee Chairman
Chief Risk Officer
Engagement Quality Reviewer
Technical Director
Regulatory Compliance Manager
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