The Internal Audit Plan Risk Assessment is a fundamental governance document required by organizations operating in Canada to maintain effective risk management and internal control systems. This document is typically prepared annually or when significant organizational changes occur, serving as the foundation for risk-based internal audit planning. It integrates requirements from Canadian corporate law, securities regulations, and professional internal audit standards, while considering industry-specific risks and regulatory requirements. The assessment helps organizations identify, evaluate, and prioritize risks across various business areas, ensuring compliance with Canadian regulatory frameworks and alignment with international internal audit standards. It is particularly crucial for organizations subject to corporate governance requirements, those with complex operations, or entities operating in regulated industries.
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1. Executive Summary: High-level overview of the risk assessment process, key findings, and critical recommendations
2. Introduction and Objectives: Purpose of the risk assessment, scope, and alignment with organizational objectives
3. Methodology: Detailed explanation of risk assessment approach, scoring criteria, and data collection methods
4. Organizational Context: Overview of the organization's structure, operations, and strategic objectives
5. Risk Universe: Comprehensive listing and categorization of identified risks across the organization
6. Risk Assessment Results: Detailed analysis of risks, including likelihood and impact assessments
7. Risk Prioritization: Ranking of risks based on assessment criteria and organizational impact
8. Proposed Audit Plan: Recommended audit schedule based on risk assessment results
9. Resource Requirements: Required resources, timing, and expertise needed for executing the audit plan
1. Industry-Specific Risk Analysis: Detailed analysis of risks specific to the organization's industry, used when the organization operates in a highly regulated or specialized sector
2. IT Risk Assessment: Specific focus on technology and cybersecurity risks, recommended for organizations with significant digital operations
3. Environmental, Social and Governance (ESG) Risk Assessment: Analysis of ESG-related risks, recommended for organizations with significant environmental impact or public interest
4. Third-Party Risk Assessment: Evaluation of risks related to vendors and business partners, important for organizations with significant outsourcing or partner relationships
5. Previous Audit Follow-up: Status of previous audit findings and their impact on current risk assessment, included when there are significant previous findings
1. Appendix A - Risk Assessment Matrix: Detailed risk scoring matrix showing likelihood and impact criteria
2. Appendix B - Risk Register: Complete listing of all identified risks with detailed descriptions and ratings
3. Appendix C - Interview List: List of stakeholders interviewed during the risk assessment process
4. Appendix D - Data Sources: Documentation of all data sources and documents reviewed
5. Appendix E - Audit Universe: Complete listing of all auditable entities and processes
6. Appendix F - Three-Year Audit Plan: Detailed multi-year audit plan based on risk assessment results
7. Appendix G - Risk Assessment Tools: Details of tools, software, and methodologies used in the risk assessment process
Relevant legal definitions
Audit Universe
Risk Appetite
Risk Tolerance
Inherent Risk
Residual Risk
Control Environment
Risk Matrix
Impact Assessment
Likelihood Assessment
Key Risk Indicators (KRIs)
Risk Rating
Audit Committee
Internal Control Framework
Material Risk
Risk Mitigation
Control Activities
Assurance
Risk Register
Audit Plan
Engagement Risk
Control Deficiency
Risk Owner
Control Owner
Audit Criteria
Professional Standards
Reasonable Assurance
Risk Assessment Methodology
Audit Scope
Internal Control Over Financial Reporting (ICFR)
Key Performance Indicators (KPIs)
Risk Management Framework
Materiality
Significant Risk
Compliance Risk
Operational Risk
Strategic Risk
Financial Risk
Reputational Risk
Cybersecurity Risk
Environmental Risk
Regulatory Risk
Audit Evidence
Control Testing
Risk Treatment
Risk Velocity
Risk Appetite
Risk Tolerance
Inherent Risk
Residual Risk
Control Environment
Risk Matrix
Impact Assessment
Likelihood Assessment
Key Risk Indicators (KRIs)
Risk Rating
Audit Committee
Internal Control Framework
Material Risk
Risk Mitigation
Control Activities
Assurance
Risk Register
Audit Plan
Engagement Risk
Control Deficiency
Risk Owner
Control Owner
Audit Criteria
Professional Standards
Reasonable Assurance
Risk Assessment Methodology
Audit Scope
Internal Control Over Financial Reporting (ICFR)
Key Performance Indicators (KPIs)
Risk Management Framework
Materiality
Significant Risk
Compliance Risk
Operational Risk
Strategic Risk
Financial Risk
Reputational Risk
Cybersecurity Risk
Environmental Risk
Regulatory Risk
Audit Evidence
Control Testing
Risk Treatment
Risk Velocity
Clauses
Purpose and Scope
Authority and Responsibility
Methodology
Risk Assessment Process
Risk Scoring
Data Collection
Confidentiality
Quality Assurance
Documentation Requirements
Reporting Requirements
Resource Allocation
Timeline and Frequency
Stakeholder Communication
Risk Categories
Control Assessment
Performance Measurement
Compliance Requirements
Review and Updates
Audit Planning
Risk Prioritization
Professional Standards Compliance
Independence and Objectivity
Data Protection
Record Retention
Governance Structure
Roles and Responsibilities
Risk Appetite Statement
Escalation Procedures
Monitoring and Follow-up
Implementation Guidelines
Authority and Responsibility
Methodology
Risk Assessment Process
Risk Scoring
Data Collection
Confidentiality
Quality Assurance
Documentation Requirements
Reporting Requirements
Resource Allocation
Timeline and Frequency
Stakeholder Communication
Risk Categories
Control Assessment
Performance Measurement
Compliance Requirements
Review and Updates
Audit Planning
Risk Prioritization
Professional Standards Compliance
Independence and Objectivity
Data Protection
Record Retention
Governance Structure
Roles and Responsibilities
Risk Appetite Statement
Escalation Procedures
Monitoring and Follow-up
Implementation Guidelines
Relevant Industries
Financial Services
Healthcare
Manufacturing
Technology
Retail
Energy
Transportation
Telecommunications
Public Sector
Education
Professional Services
Mining
Real Estate
Construction
Non-Profit Organizations
Relevant Teams
Internal Audit
Risk Management
Compliance
Finance
Legal
Operations
Information Technology
Human Resources
Corporate Governance
Quality Assurance
Strategy
Project Management Office
Business Development
Environmental Health and Safety
Procurement
Relevant Roles
Chief Audit Executive
Internal Audit Director
Risk Management Officer
Compliance Officer
Chief Financial Officer
Chief Executive Officer
Audit Committee Chair
Board Director
Internal Audit Manager
Senior Auditor
Risk Analyst
Corporate Governance Officer
Control and Compliance Manager
Audit Project Lead
Quality Assurance Manager
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