The Audit Plan Risk Assessment is a critical document required for audit engagements in the Philippines, designed to comply with Philippine Standards on Auditing (PSA) and local regulatory requirements. This document is utilized when planning and conducting audits to systematically identify, assess, and respond to audit risks. It encompasses detailed analysis of the client's business environment, internal controls, and risk factors, while ensuring compliance with Philippine regulations including SEC requirements and the Philippine Accountancy Act. The assessment serves as a foundational document for developing an effective audit strategy, particularly important in the Philippine context where specific industry regulations and local business practices must be considered. It helps auditors allocate resources efficiently and focus on areas of significant risk while maintaining professional standards.
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1. Executive Summary: Overview of the audit plan's key components, significant risk areas identified, and major assessment conclusions
2. Engagement Overview: Details of the audit engagement, including scope, objectives, and timing
3. Entity Understanding: Description of the organization's business model, operations, industry context, and regulatory environment
4. Risk Assessment Methodology: Explanation of the approach and frameworks used for risk assessment
5. Internal Control Evaluation: Assessment of the entity's internal control systems and their effectiveness
6. Risk Identification and Analysis: Detailed analysis of identified risks, including inherent risks and control risks
7. Risk Response Strategies: Planned audit procedures and responses to address identified risks
8. Resource Allocation: Assignment of audit resources and timeline for risk assessment procedures
9. Monitoring and Review Process: Procedures for ongoing monitoring of risks and updating the assessment
10. Quality Control Measures: Quality assurance procedures to ensure reliability of the risk assessment
1. Industry-Specific Risk Considerations: Detailed analysis of risks specific to the entity's industry - include when auditing entities in specialized or heavily regulated industries
2. IT Systems and Cybersecurity Assessment: Evaluation of IT-related risks and controls - include for organizations with significant digital operations
3. Group Audit Considerations: Additional risk considerations for group audits - include when dealing with multiple entities or subsidiaries
4. Foreign Operations Assessment: Analysis of risks related to international operations - include for entities with significant foreign operations
5. Fraud Risk Assessment: Detailed evaluation of fraud risks - include when there are specific fraud concerns or regulatory requirements
6. Environmental and Social Impact: Assessment of environmental and social governance risks - include for organizations with significant ESG considerations
1. Risk Assessment Matrix: Detailed matrix showing identified risks, their likelihood, impact, and overall risk rating
2. Control Testing Schedule: Planned timeline and procedures for testing key controls
3. Previous Audit Findings: Summary of relevant findings from previous audits and their current status
4. Risk Assessment Questionnaires: Templates and completed questionnaires used in the risk assessment process
5. Organizational Structure Charts: Diagrams showing key personnel and reporting lines relevant to risk assessment
6. Risk Response Timeline: Detailed schedule of planned risk response activities and deadlines
7. Key Performance Indicators: Metrics and benchmarks used for risk assessment
8. Regulatory Compliance Checklist: Checklist of relevant regulatory requirements and compliance status
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Insurance
Manufacturing
Retail
Healthcare
Technology
Real Estate
Energy
Telecommunications
Education
Government
Non-profit Organizations
Construction
Mining
Agriculture
Relevant Teams
Internal Audit
External Audit
Risk Management
Compliance
Finance
Quality Assurance
Corporate Governance
Legal
Operations
Information Technology
Relevant Roles
External Auditor
Internal Auditor
Audit Manager
Risk Assessment Specialist
Compliance Officer
Chief Financial Officer
Financial Controller
Audit Partner
Risk Manager
Quality Assurance Manager
Chief Risk Officer
Audit Committee Member
Board Director
Chief Internal Auditor
Senior Audit Associate
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