The Internal Audit Plan Risk Assessment is a critical governance document used by organizations to systematically evaluate and prioritize risks for internal audit purposes. This document is essential for Australian organizations seeking to maintain effective risk management and internal control frameworks in compliance with local regulatory requirements. It serves as the foundation for developing risk-based internal audit plans, ensuring that audit resources are allocated to areas of highest risk and strategic importance. The assessment incorporates various risk factors including financial, operational, strategic, and compliance risks, while considering the organization's risk appetite and control environment. This document is particularly important in the Australian context where corporate governance requirements emphasize risk management and internal control effectiveness, as evidenced by regulations such as the Corporations Act 2001 and ASX Corporate Governance Principles.
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1. Executive Summary: Overview of the risk assessment approach, key findings, and major risk areas identified
2. Introduction and Scope: Purpose of the risk assessment, scope of coverage, and methodology used
3. Organizational Context: Overview of the organization's structure, objectives, and operating environment
4. Risk Assessment Methodology: Detailed explanation of risk assessment framework, scoring criteria, and evaluation process
5. Risk Universe: Comprehensive listing of identified risks across all business areas and operations
6. Risk Assessment Results: Detailed analysis of risks, including inherent risk levels, control effectiveness, and residual risk ratings
7. Priority Risk Areas: High-risk areas requiring immediate attention and detailed audit coverage
8. Proposed Internal Audit Plan: Strategic audit plan based on risk assessment results, including timing and resource allocation
9. Resource Requirements: Assessment of required resources, skills, and expertise needed to execute the audit plan
10. Monitoring and Review: Process for ongoing monitoring of risks and periodic review of the risk assessment
1. Industry-Specific Risk Analysis: Detailed analysis of risks specific to the organization's industry sector, used when the organization operates in a highly regulated or specialized industry
2. IT Risk Assessment: Dedicated section for technology and cybersecurity risks, recommended for organizations with significant digital operations
3. ESG Risk Considerations: Assessment of Environmental, Social, and Governance risks, recommended for organizations with ESG commitments or requirements
4. Third-Party Risk Assessment: Analysis of risks related to external parties and vendors, important for organizations with significant outsourcing or partner relationships
5. Compliance Risk Matrix: Detailed assessment of regulatory compliance risks, recommended for heavily regulated industries
6. Strategic Project Risks: Assessment of risks related to major organizational initiatives or transformations, included when significant projects are ongoing or planned
1. Risk Assessment Matrix: Detailed matrix showing risk ratings, likelihood and impact criteria, and scoring methodology
2. Risk Register: Comprehensive list of all identified risks with detailed information about each risk
3. Control Framework Assessment: Evaluation of existing control environment and effectiveness
4. Previous Audit Findings: Summary of relevant findings from previous audits and their current status
5. Stakeholder Consultation Results: Summary of interviews and workshops conducted with key stakeholders
6. Three-Year Rolling Audit Plan: Detailed audit schedule and coverage plan for the next three years
7. Risk Heat Map: Visual representation of risks plotted by likelihood and impact
8. Audit Universe Coverage Map: Matrix showing audit coverage across all business areas and risk categories
Relevant legal definitions
Audit Universe
Control Environment
Control Effectiveness
Inherent Risk
Residual Risk
Risk Appetite
Risk Assessment
Risk Criteria
Risk Matrix
Risk Owner
Risk Rating
Risk Register
Risk Tolerance
Risk Treatment
Internal Control
Internal Audit Charter
Audit Committee
Assurance
Control Deficiency
Control Testing
Key Performance Indicator (KPI)
Key Risk Indicator (KRI)
Materiality
Mitigation Strategy
Risk Profile
Stakeholders
Audit Scope
Compliance Risk
Operational Risk
Strategic Risk
Financial Risk
Impact Assessment
Likelihood Assessment
Risk Velocity
Control Framework
Governance Framework
Audit Evidence
Risk Event
Risk Trend
Heat Map
Control Environment
Control Effectiveness
Inherent Risk
Residual Risk
Risk Appetite
Risk Assessment
Risk Criteria
Risk Matrix
Risk Owner
Risk Rating
Risk Register
Risk Tolerance
Risk Treatment
Internal Control
Internal Audit Charter
Audit Committee
Assurance
Control Deficiency
Control Testing
Key Performance Indicator (KPI)
Key Risk Indicator (KRI)
Materiality
Mitigation Strategy
Risk Profile
Stakeholders
Audit Scope
Compliance Risk
Operational Risk
Strategic Risk
Financial Risk
Impact Assessment
Likelihood Assessment
Risk Velocity
Control Framework
Governance Framework
Audit Evidence
Risk Event
Risk Trend
Heat Map
Clauses
Scope and Objectives
Methodology
Risk Assessment Process
Risk Identification
Risk Analysis
Risk Evaluation
Control Assessment
Resource Planning
Timing and Schedule
Reporting Requirements
Roles and Responsibilities
Documentation Requirements
Quality Assurance
Confidentiality
Data Protection
Compliance Requirements
Performance Measurement
Review and Update
Communication Protocol
Stakeholder Engagement
Authority and Accountability
Risk Categories
Risk Appetite and Tolerance
Audit Planning
Risk Prioritization
Control Testing
Follow-up Procedures
Independence and Objectivity
Professional Standards
Governance Structure
Methodology
Risk Assessment Process
Risk Identification
Risk Analysis
Risk Evaluation
Control Assessment
Resource Planning
Timing and Schedule
Reporting Requirements
Roles and Responsibilities
Documentation Requirements
Quality Assurance
Confidentiality
Data Protection
Compliance Requirements
Performance Measurement
Review and Update
Communication Protocol
Stakeholder Engagement
Authority and Accountability
Risk Categories
Risk Appetite and Tolerance
Audit Planning
Risk Prioritization
Control Testing
Follow-up Procedures
Independence and Objectivity
Professional Standards
Governance Structure
Relevant Industries
Financial Services
Healthcare
Manufacturing
Mining and Resources
Retail
Technology
Transportation and Logistics
Public Sector
Education
Professional Services
Telecommunications
Energy and Utilities
Not-for-Profit
Construction and Real Estate
Relevant Teams
Internal Audit
Risk Management
Compliance
Finance
Corporate Governance
Legal
Operations
Information Technology
Human Resources
Strategy
Business Development
Quality Assurance
Relevant Roles
Chief Audit Executive
Internal Audit Manager
Risk Manager
Compliance Officer
Chief Risk Officer
Audit Committee Chair
Board Director
Chief Executive Officer
Chief Financial Officer
Internal Auditor
Risk Analyst
Governance Manager
Control Specialist
Business Unit Manager
Audit Director
Risk Assessment Specialist
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