Audit Plan Risk Assessment for Pakistan

Audit Plan Risk Assessment Template for Pakistan

A comprehensive document prepared in accordance with Pakistani audit regulations and International Standards on Auditing (ISA), particularly ISA 315, that outlines the systematic evaluation of audit risks associated with a client engagement. This document, governed by Pakistani law including the Companies Act 2017 and SECP regulations, details the assessment of business risks, internal controls, fraud risks, and specific industry considerations. It serves as the foundation for developing an effective audit strategy and determining the nature, timing, and extent of audit procedures while ensuring compliance with local regulatory requirements and professional standards.

Your data doesn't train Genie's AI

You keep IP ownership of your information

Generate a Bespoke Document

1. Select your governing law:

2. Enter your key requirements:

3. Create your document to edit, review or download

Download a Standard Template

Get our Pakistan-compliant Audit Plan Risk Assessment

4.6 / 5

4.8 / 5

Alternatively: Run an advanced review of an existing
Audit Plan Risk Assessment

Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.

Upload your Doc

What is a Audit Plan Risk Assessment?

The Audit Plan Risk Assessment is a crucial document required under Pakistani audit regulations and international auditing standards. It is prepared at the planning phase of an audit engagement to identify and assess various risks that could affect the audit approach. This document is mandatory for all statutory audits conducted in Pakistan and must comply with the Companies Act 2017, SECP regulations, and International Standards on Auditing (ISA). The assessment covers business risks, internal control effectiveness, fraud risks, and industry-specific considerations. It helps determine the audit strategy, resource allocation, and specific procedures needed for the engagement. The document is particularly important in Pakistan's business environment where regulatory oversight is increasing and there's a growing focus on risk-based auditing approaches.

What sections should be included in a Audit Plan Risk Assessment?

1. Executive Summary: Overview of the key risk assessment findings and major areas requiring attention

2. Entity Overview: Basic information about the entity including nature of business, ownership structure, and operational context

3. Audit Engagement Details: Scope, objectives, and timing of the audit engagement

4. Understanding of the Entity and Its Environment: Detailed analysis of business operations, industry conditions, regulatory environment, and business model

5. Internal Control Assessment: Evaluation of the entity's internal control systems, including IT controls and control environment

6. Risk Assessment Procedures Performed: Description of procedures used to identify and assess risks

7. Identified Significant Risks: Detailed listing and description of significant risks identified

8. Fraud Risk Assessment: Specific assessment of risks related to fraud and misconduct

9. Risk Response Strategy: Planned audit responses to identified risks

10. Resource Allocation and Timeline: Planning of audit resources and scheduling based on risk assessment

What sections are optional to include in a Audit Plan Risk Assessment?

1. Industry-Specific Risk Factors: Used when the entity operates in a specialized industry with unique risks requiring specific attention

2. Group Audit Considerations: Required when the entity is part of a larger group structure

3. IT Systems and Cybersecurity Assessment: Detailed section when the entity has complex IT systems or significant digital operations

4. Related Party Risk Assessment: Extended section when there are significant related party transactions

5. Regulatory Compliance Risk Assessment: Detailed section for heavily regulated industries

6. Going Concern Risk Assessment: Extended analysis when there are indicators of going concern issues

7. Previous Audit Matters: Included when there are significant unresolved issues from previous audits

What schedules should be included in a Audit Plan Risk Assessment?

1. Risk Assessment Matrix: Detailed matrix showing risk evaluation criteria and risk ratings

2. Entity's Organizational Structure: Detailed organization chart and key personnel responsibilities

3. Key Financial Indicators: Analysis of important financial metrics and trends

4. Previous Audit Findings: Summary of relevant findings from previous audits

5. Control Testing Plan: Detailed plan for testing identified key controls

6. Risk Response Details: Detailed procedures planned for each significant risk area

7. Industry Benchmarking Data: Comparative analysis with industry peers

8. Materiality Calculations: Detailed calculations and basis for materiality levels

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services

Manufacturing

Technology

Retail

Energy and Utilities

Healthcare

Real Estate

Telecommunications

Construction

Education

Mining

Agriculture

Textile

Automotive

Pharmaceutical

Relevant Teams

Audit

Risk Management

Internal Audit

Compliance

Finance

Legal

Operations

Information Technology

Treasury

Corporate Governance

Relevant Roles

Audit Partner

Audit Manager

Senior Auditor

Risk Assessment Specialist

Audit Quality Reviewer

Technical Director

Compliance Officer

Internal Audit Manager

Chief Financial Officer

Financial Controller

Risk Manager

Chief Risk Officer

Audit Committee Chairman

Chief Executive Officer

Company Secretary

Find the exact document you need

No matches found.

Noise Risk Assessment Form

A standardized form for evaluating workplace noise levels and associated risks under Pakistani environmental and occupational safety regulations.

How Cambridge United Uses Genie AI to Speed Up Player Signings and Slash Legal Costs

Generate a Bespoke Document

Download a Standard Template

What is a Audit Plan Risk Assessment?

What sections should be included in a Audit Plan Risk Assessment?

What sections are optional to include in a Audit Plan Risk Assessment?

What schedules should be included in a Audit Plan Risk Assessment?

Authors

Alex Denne

Jurisdiction

Publisher

Document Type

Sector

Cost

Find the exact document you need

Noise Risk Assessment Form

Risk Assessment For Welding Works

Risk Assessment For Care Home

Anti Corruption Risk Assessment

Field Level Hazard Assessment Form

Field Level Risk Assessment

Construction Risk Assessment Matrix

Risk Assessment Policy

Cherry Picker Risk Assessment

Information Security Risk Assessment Report

Industrial Risk Assessment

Eyewash Risk Assessment Form

Cyber Security Assessment

Continuous Risk Assessment

Security Risk Assessment Report

Hot Works Risk Assessment

Compressed Air Risk Assessment

Building Risk Assessment

Area Risk Assessment

Makeup Artist Risk Assessment

Machine Guarding Assessment

Machine Guarding Risk Assessment

Business Case Risk Assessment

Broad Brush Risk Assessment

Construction Risk Assessment Report

Demolition Risk Assessment

Nonprofit Risk Assessment

Cleaning Risk Assessment

Threat And Hazard Identification And Risk Assessment Guide

High Level Risk Assessment

Baseline Risk Assessment

Cloud Computing Risk Assessment

Hospitality Risk Assessment

Vulnerable Person Risk Assessment

Bow Tie Risk Assessment

Training Risk Assessment

Scaffold Risk Assessment And Method Statement

Financial Crime Risk Assessment

Startup Risk Assessment

Standard Risk Assessment Matrix

Genie’s Security Promise

Your documents are private:

Your documents are protected:

Organizational security:

Use Cases

Generate Legal Docs Free