The Internal Audit Plan Risk Assessment is a crucial governance document required for organizations operating in Ireland to systematically evaluate and manage their risk exposure. This document becomes necessary when organizations need to establish or update their internal audit priorities based on a comprehensive risk assessment approach. It incorporates requirements from Irish corporate law, particularly the Companies Act 2014, and aligns with Central Bank of Ireland guidelines where applicable. The assessment typically includes detailed risk evaluation matrices, control effectiveness assessments, and resource allocation planning. It serves as the foundation for developing risk-based internal audit plans and helps organizations demonstrate compliance with Irish regulatory requirements while following international internal audit standards. This document is particularly important during annual planning cycles, significant organizational changes, or when regulatory requirements necessitate a renewed risk assessment approach.
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1. Executive Summary: High-level overview of the risk assessment approach, key findings, and major risk areas identified
2. Purpose and Scope: Defines the objectives of the risk assessment and its boundaries, including any limitations
3. Methodology: Detailed explanation of the risk assessment approach, scoring criteria, and evaluation methods used
4. Organizational Context: Overview of the organization's structure, operations, and strategic objectives
5. Risk Universe: Comprehensive listing and categorization of all potential risks facing the organization
6. Risk Assessment Results: Detailed analysis of identified risks, their ratings, and prioritization
7. Control Environment Assessment: Evaluation of existing internal controls and their effectiveness
8. Proposed Audit Plan: Risk-based audit plan derived from the assessment results
9. Resource Requirements: Analysis of resources needed to execute the proposed audit plan
10. Reporting and Monitoring: Framework for ongoing risk monitoring and reporting procedures
1. Industry-Specific Risk Analysis: Detailed analysis of risks specific to the organization's industry sector - include for regulated industries
2. IT and Cybersecurity Risk Assessment: Dedicated section for technology risks - include for organizations with significant digital operations
3. Third-Party Risk Assessment: Analysis of risks related to external vendors and partners - include when significant outsourcing exists
4. Environmental, Social and Governance (ESG) Risks: Assessment of ESG-related risks - include for public companies or those with ESG commitments
5. Remote Working Risk Assessment: Analysis of risks related to remote work arrangements - include if organization has significant remote operations
6. Cross-Border Operations Risk: Assessment of risks related to international operations - include for organizations with multiple jurisdiction presence
1. Risk Assessment Matrix: Detailed risk scoring matrix showing likelihood and impact criteria
2. Risk Register: Comprehensive list of all identified risks with their ratings and controls
3. Control Testing Schedule: Detailed schedule of control testing activities and frequencies
4. Audit Universe: Complete listing of all auditable entities and processes
5. Risk Assessment Questionnaires: Templates and completed risk assessment questionnaires used
6. Historical Risk Trends: Analysis of risk trends from previous assessments
7. Stakeholder Interview Notes: Summary of key points from stakeholder interviews and workshops
8. Regulatory Requirements Mapping: Mapping of relevant regulatory requirements to risk areas
Relevant legal definitions
Audit Universe
Risk Appetite
Control Environment
Inherent Risk
Residual Risk
Risk Matrix
Risk Rating
Control Effectiveness
Audit Committee
Board of Directors
Senior Management
Material Risk
Risk Tolerance
Control Activities
Risk Mitigation
Key Performance Indicators (KPIs)
Key Risk Indicators (KRIs)
Risk Assessment Methodology
Compliance Risk
Operational Risk
Strategic Risk
Financial Risk
Reputational Risk
Internal Control Framework
Audit Plan
Risk Register
Control Testing
Assurance
Reasonable Assurance
Limited Assurance
Audit Evidence
Audit Scope
Risk Mapping
Control Gap
Risk Owner
Control Owner
Audit Charter
Risk Management Framework
Materiality
Significant Deficiency
Control Deficiency
Risk Velocity
Risk Trend
Audit Trail
Working Papers
Audit Findings
Management Response
Follow-up Procedures
Internal Audit Standards
Professional Ethics
Risk Appetite
Control Environment
Inherent Risk
Residual Risk
Risk Matrix
Risk Rating
Control Effectiveness
Audit Committee
Board of Directors
Senior Management
Material Risk
Risk Tolerance
Control Activities
Risk Mitigation
Key Performance Indicators (KPIs)
Key Risk Indicators (KRIs)
Risk Assessment Methodology
Compliance Risk
Operational Risk
Strategic Risk
Financial Risk
Reputational Risk
Internal Control Framework
Audit Plan
Risk Register
Control Testing
Assurance
Reasonable Assurance
Limited Assurance
Audit Evidence
Audit Scope
Risk Mapping
Control Gap
Risk Owner
Control Owner
Audit Charter
Risk Management Framework
Materiality
Significant Deficiency
Control Deficiency
Risk Velocity
Risk Trend
Audit Trail
Working Papers
Audit Findings
Management Response
Follow-up Procedures
Internal Audit Standards
Professional Ethics
Clauses
Scope and Objectives
Authority and Responsibilities
Risk Assessment Methodology
Risk Identification
Risk Evaluation
Control Assessment
Resource Planning
Reporting Requirements
Documentation Requirements
Quality Assurance
Confidentiality
Data Protection
Professional Standards
Regulatory Compliance
Governance Structure
Risk Categories
Assessment Criteria
Performance Measurement
Monitoring and Review
Communication Protocols
Independence and Objectivity
Ethics and Professional Conduct
Record Retention
Audit Planning
Risk Prioritization
Stakeholder Engagement
Timeline and Deadlines
Methodology Updates
Exception Handling
Escalation Procedures
Authority and Responsibilities
Risk Assessment Methodology
Risk Identification
Risk Evaluation
Control Assessment
Resource Planning
Reporting Requirements
Documentation Requirements
Quality Assurance
Confidentiality
Data Protection
Professional Standards
Regulatory Compliance
Governance Structure
Risk Categories
Assessment Criteria
Performance Measurement
Monitoring and Review
Communication Protocols
Independence and Objectivity
Ethics and Professional Conduct
Record Retention
Audit Planning
Risk Prioritization
Stakeholder Engagement
Timeline and Deadlines
Methodology Updates
Exception Handling
Escalation Procedures
Relevant Industries
Financial Services
Banking
Insurance
Healthcare
Manufacturing
Retail
Technology
Public Sector
Energy
Transportation
Telecommunications
Professional Services
Education
Non-Profit Organizations
Construction
Real Estate
Relevant Teams
Internal Audit
Risk Management
Compliance
Finance
Legal
Operations
Information Technology
Human Resources
Quality Assurance
Corporate Governance
Strategy
Control & Monitoring
Business Development
Information Security
Relevant Roles
Chief Audit Executive
Internal Audit Director
Risk Management Officer
Compliance Officer
Chief Financial Officer
Chief Risk Officer
Audit Manager
Senior Internal Auditor
Internal Control Specialist
Governance Manager
Corporate Compliance Manager
Quality Assurance Manager
Board Member
Audit Committee Member
Department Head
Operations Director
Finance Director
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