The Audit Risk Assessment Memo is a critical document prepared during the planning phase of an audit engagement in the Philippines. It is required by Philippine Standards on Auditing and serves as a fundamental tool for identifying, assessing, and responding to audit risks. The memo documents the auditor's understanding of the entity and its environment, including internal controls, and provides a basis for designing appropriate audit procedures. It must comply with PSA 315 (Identifying and Assessing Risks of Material Misstatement) and other relevant Philippine regulatory requirements. The document is particularly important as it helps audit firms demonstrate their risk assessment methodology to regulatory bodies and supports the overall audit quality control process.
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1. Engagement Information: Basic information about the client, engagement period, and audit team members
2. Executive Summary: Brief overview of key risk assessment findings and major areas requiring attention
3. Understanding the Entity: Analysis of the client's business, industry, operations, and regulatory environment
4. Internal Control Assessment: Evaluation of the entity's internal control systems and their effectiveness
5. Risk Assessment Methodology: Description of the approach and methods used to identify and assess risks
6. Identified Risks and Assessment: Detailed analysis of identified risks, including inherent risks and control risks
7. Fraud Risk Considerations: Specific assessment of fraud risks and related controls
8. Risk Response Strategy: Planned audit approach in response to identified risks
9. Conclusion and Recommendations: Overall risk assessment conclusion and specific recommendations for the audit approach
1. IT Systems Assessment: Detailed evaluation of IT systems and related risks - include for clients with complex IT environments
2. Group Structure Analysis: Assessment of group-wide risks and controls - include for consolidated entities
3. Regulatory Compliance Assessment: Detailed analysis of compliance with specific regulations - include for heavily regulated industries
4. Previous Audit Matters: Analysis of previous audit findings and their current relevance - include for recurring clients
5. Going Concern Assessment: Detailed analysis of going concern risks - include when there are identified going concern indicators
1. Risk Assessment Matrix: Detailed matrix showing identified risks, their assessment, and planned responses
2. Control Testing Schedule: Schedule of key controls identified and planned testing procedures
3. Financial Analysis: Key financial ratios and trending analysis supporting risk assessment
4. Industry Benchmarking: Comparative analysis with industry peers and relevant benchmarks
5. Prior Year Comparison: Analysis of changes in risk assessment from previous periods
6. Organizational Structure Chart: Client's organizational structure highlighting key positions and control responsibilities
7. Risk Heat Map: Visual representation of risks based on likelihood and impact
Relevant legal definitions
Audit Risk
Material Misstatement
Inherent Risk
Control Risk
Detection Risk
Risk of Material Misstatement
Professional Skepticism
Professional Judgment
Significant Risk
Internal Control
Control Environment
Control Activities
Risk Assessment Procedures
Substantive Procedures
Analytical Procedures
Materiality
Performance Materiality
Management
Those Charged with Governance
Fraud Risk Factors
Business Risk
Industry Risk
Regulatory Risk
Going Concern
Related Parties
Significant Account
Key Audit Matter
Risk Response
Risk Tolerance
Control Deficiency
Significant Deficiency
Material Weakness
Financial Reporting Framework
Assertions
Engagement Team
Subject Matter Expert
Reasonable Assurance
Documentation
Working Papers
Audit Evidence
Sampling Risk
Non-Sampling Risk
Material Misstatement
Inherent Risk
Control Risk
Detection Risk
Risk of Material Misstatement
Professional Skepticism
Professional Judgment
Significant Risk
Internal Control
Control Environment
Control Activities
Risk Assessment Procedures
Substantive Procedures
Analytical Procedures
Materiality
Performance Materiality
Management
Those Charged with Governance
Fraud Risk Factors
Business Risk
Industry Risk
Regulatory Risk
Going Concern
Related Parties
Significant Account
Key Audit Matter
Risk Response
Risk Tolerance
Control Deficiency
Significant Deficiency
Material Weakness
Financial Reporting Framework
Assertions
Engagement Team
Subject Matter Expert
Reasonable Assurance
Documentation
Working Papers
Audit Evidence
Sampling Risk
Non-Sampling Risk
Clauses
Scope and Purpose
Confidentiality
Professional Standards Compliance
Methodology
Entity Understanding
Risk Identification
Risk Assessment
Control Evaluation
Fraud Considerations
Professional Judgment
Documentation Requirements
Quality Control
Independence
Regulatory Compliance
Material Misstatement Risk
Industry-Specific Risks
Technology Risk
Financial Reporting Risk
Operational Risk
Legal and Regulatory Risk
Information Security
Data Protection
Team Responsibilities
Expert Consultation
Quality Review
Risk Response
Monitoring and Review
Reporting Requirements
Confidentiality
Professional Standards Compliance
Methodology
Entity Understanding
Risk Identification
Risk Assessment
Control Evaluation
Fraud Considerations
Professional Judgment
Documentation Requirements
Quality Control
Independence
Regulatory Compliance
Material Misstatement Risk
Industry-Specific Risks
Technology Risk
Financial Reporting Risk
Operational Risk
Legal and Regulatory Risk
Information Security
Data Protection
Team Responsibilities
Expert Consultation
Quality Review
Risk Response
Monitoring and Review
Reporting Requirements
Relevant Industries
Banking and Financial Services
Manufacturing
Retail
Real Estate
Technology
Healthcare
Energy and Utilities
Telecommunications
Construction
Mining
Agriculture
Education
Non-profit Organizations
Government Corporations
Professional Services
Relevant Teams
Audit
Risk Management
Compliance
Internal Control
Quality Assurance
Technical Standards
Financial Reporting
Internal Audit
Corporate Governance
Relevant Roles
Audit Partner
Audit Manager
Senior Auditor
Audit Associate
Risk Assessment Specialist
Quality Assurance Partner
Technical Partner
Engagement Quality Control Reviewer
Internal Audit Director
Chief Financial Officer
Financial Controller
Compliance Officer
Risk Management Officer
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