The Internal Audit Plan Risk Assessment is a crucial governance document required under Nigerian corporate law and regulatory frameworks. It is typically prepared annually or when significant organizational changes occur, serving as the foundation for risk-based internal audit activities. The document ensures compliance with Nigerian regulations including CAMA 2020, Financial Reporting Council requirements, and the Nigerian Code of Corporate Governance 2018. It provides a structured approach to identifying, assessing, and prioritizing organizational risks, incorporating both local regulatory requirements and international best practices in internal auditing. The assessment considers various risk categories including operational, financial, compliance, strategic, and emerging risks, enabling organizations to allocate audit resources effectively based on risk priorities.
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1. Executive Summary: High-level overview of the risk assessment approach, key findings, and major risk areas identified
2. Introduction and Scope: Purpose of the risk assessment, scope of review, and methodology used
3. Organizational Context: Overview of the organization's structure, operations, and strategic objectives
4. Risk Assessment Methodology: Detailed explanation of risk assessment approach, scoring criteria, and evaluation methods
5. Risk Universe: Comprehensive listing and categorization of all identified risks
6. Risk Assessment Results: Detailed analysis of identified risks, their ratings, and prioritization
7. Control Environment Assessment: Evaluation of existing controls and their effectiveness
8. Risk Heat Map: Visual representation of risks based on likelihood and impact
9. Audit Plan Development: How risk assessment results inform the internal audit plan
10. Resource Requirements: Assessment of resources needed to address identified risks
11. Monitoring and Review Process: Framework for ongoing monitoring of risks and periodic review of assessment
1. Industry-Specific Risk Analysis: Detailed analysis of risks specific to the organization's industry sector - include for organizations in regulated industries
2. IT and Cybersecurity Risk Assessment: Detailed assessment of technology-related risks - include for organizations with significant digital operations
3. Environmental, Social and Governance (ESG) Risk Assessment: Analysis of ESG-related risks - include for organizations with significant environmental impact or public interest
4. Third-Party Risk Assessment: Evaluation of risks related to external parties - include for organizations with significant outsourcing or vendor relationships
5. Compliance Risk Analysis: Detailed assessment of regulatory compliance risks - include for heavily regulated organizations
6. Project Risk Assessment: Analysis of risks related to major projects - include for organizations with significant ongoing projects
1. Risk Assessment Matrix: Detailed matrix showing risk evaluation criteria and scoring methodology
2. Risk Register Template: Template for documenting and tracking identified risks
3. Control Testing Schedule: Schedule of planned control testing activities
4. Risk Assessment Questionnaires: Standard questionnaires used in the risk assessment process
5. Regulatory Compliance Checklist: Checklist of relevant regulatory requirements and compliance status
6. Interview and Workshop Templates: Templates for conducting risk assessment interviews and workshops
7. Risk Response Plans: Templates and examples of risk response strategies
8. Audit Universe Map: Mapping of auditable entities and processes within the organization
9. Previous Audit Findings Summary: Summary of relevant findings from previous audits
Relevant legal definitions
Audit Universe
Control Environment
Control Objectives
Control Risk
Corporate Governance
Inherent Risk
Internal Audit Charter
Internal Control Framework
Key Performance Indicators (KPIs)
Key Risk Indicators (KRIs)
Material Risk
Mitigation Measures
Reasonable Assurance
Residual Risk
Risk Appetite
Risk Assessment
Risk Criteria
Risk Matrix
Risk Owner
Risk Rating
Risk Register
Risk Tolerance
Risk Treatment
Risk Universe
Root Cause Analysis
Significant Risk
Strategic Risk
Operational Risk
Financial Risk
Compliance Risk
Impact Assessment
Likelihood Assessment
Control Testing
Audit Evidence
Assurance Mapping
Three Lines Model
Control Self-Assessment
Risk Management Framework
Substantive Testing
Working Papers
Scope Limitations
Control Environment
Control Objectives
Control Risk
Corporate Governance
Inherent Risk
Internal Audit Charter
Internal Control Framework
Key Performance Indicators (KPIs)
Key Risk Indicators (KRIs)
Material Risk
Mitigation Measures
Reasonable Assurance
Residual Risk
Risk Appetite
Risk Assessment
Risk Criteria
Risk Matrix
Risk Owner
Risk Rating
Risk Register
Risk Tolerance
Risk Treatment
Risk Universe
Root Cause Analysis
Significant Risk
Strategic Risk
Operational Risk
Financial Risk
Compliance Risk
Impact Assessment
Likelihood Assessment
Control Testing
Audit Evidence
Assurance Mapping
Three Lines Model
Control Self-Assessment
Risk Management Framework
Substantive Testing
Working Papers
Scope Limitations
Clauses
Scope and Objectives
Governance and Oversight
Risk Assessment Methodology
Data Collection and Analysis
Risk Identification
Risk Evaluation
Control Assessment
Regulatory Compliance
Reporting Requirements
Confidentiality
Documentation Requirements
Quality Assurance
Resource Allocation
Stakeholder Communication
Implementation Timeline
Monitoring and Review
Performance Measurement
Professional Standards
Independence and Objectivity
Data Protection
Record Retention
Risk Rating Criteria
Escalation Procedures
Authority and Responsibilities
Audit Planning
Risk Response
Change Management
Continuous Monitoring
Governance and Oversight
Risk Assessment Methodology
Data Collection and Analysis
Risk Identification
Risk Evaluation
Control Assessment
Regulatory Compliance
Reporting Requirements
Confidentiality
Documentation Requirements
Quality Assurance
Resource Allocation
Stakeholder Communication
Implementation Timeline
Monitoring and Review
Performance Measurement
Professional Standards
Independence and Objectivity
Data Protection
Record Retention
Risk Rating Criteria
Escalation Procedures
Authority and Responsibilities
Audit Planning
Risk Response
Change Management
Continuous Monitoring
Relevant Industries
Banking and Financial Services
Insurance
Manufacturing
Oil and Gas
Telecommunications
Healthcare
Retail
Technology
Public Sector
Energy
Mining
Real Estate
Transportation and Logistics
Education
Professional Services
Relevant Teams
Internal Audit
Risk Management
Compliance
Finance
Legal
Operations
Information Technology
Human Resources
Corporate Governance
Strategy
Quality Assurance
Relevant Roles
Chief Audit Executive
Internal Audit Director
Risk Management Officer
Compliance Officer
Chief Financial Officer
Chief Risk Officer
Audit Manager
Senior Auditor
Risk Analyst
Corporate Governance Officer
Board Secretary
Chief Executive Officer
Financial Controller
Audit Committee Chairman
Risk Committee Member
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