The Internal Audit Plan Risk Assessment is a fundamental document required for organizations operating in Pakistan, particularly those subject to Companies Act 2017 and SECP regulations. This document is essential for developing a systematic, risk-based approach to internal audit planning and resource allocation. It combines regulatory compliance requirements with international best practices in internal auditing, providing a comprehensive framework for identifying, assessing, and prioritizing organizational risks. The assessment typically covers various risk categories including operational, financial, strategic, and compliance risks, while considering Pakistan's specific regulatory environment and business context. It serves as the primary tool for audit committees and management to ensure that internal audit activities are focused on the most significant risks facing the organization.
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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 organizational context
3. Methodology: Detailed explanation of risk assessment approach, scoring criteria, and evaluation methods used
4. Organizational Overview: Current structure, key business processes, and strategic objectives of the organization
5. Risk Universe: Comprehensive listing and categorization of all identified risks across the organization
6. Risk Assessment Results: Detailed analysis of risks identified, including inherent and residual risk ratings
7. Heat Map Analysis: Visual representation of risks based on likelihood and impact ratings
8. Internal Audit Plan: Proposed audit schedule based on risk assessment results
9. Resource Requirements: Assessment of resources needed to execute the audit plan
10. Monitoring and Review Process: Framework for ongoing monitoring of risks and periodic review of the assessment
1. Industry-Specific Risk Analysis: Detailed analysis of risks specific to the organization's industry sector - include for regulated industries
2. IT Risk Assessment: Detailed assessment of technology and cybersecurity risks - include for organizations with significant IT dependencies
3. Environmental, Social and Governance (ESG) Risk Assessment: Analysis of ESG-related risks - include for listed companies and organizations with ESG commitments
4. Fraud Risk Assessment: Detailed fraud risk analysis - include for financial institutions and high-risk industries
5. Compliance Risk Framework: Detailed assessment of regulatory compliance risks - include for heavily regulated industries
6. International Operations Risk Assessment: Analysis of risks related to international operations - include for organizations with foreign operations
1. Risk Assessment Matrix: Detailed matrix showing risk evaluation criteria and scoring methodology
2. Risk Register: Comprehensive list of all identified risks with detailed information about each risk
3. Previous Audit Findings: Summary of relevant findings from previous audits and their current status
4. Control Framework Assessment: Evaluation of existing control framework effectiveness
5. Stakeholder Interview List: List of stakeholders interviewed during the risk assessment process
6. Risk Assessment Questionnaires: Templates and completed risk assessment questionnaires
7. Audit Universe: Complete listing of all auditable entities and processes
8. Three-Year Audit Plan: Detailed audit plan showing coverage over a three-year period
Relevant legal definitions
Audit Universe
Control Environment
Control Objectives
Critical Risk
Inherent Risk
Internal Audit Charter
Internal Control Framework
Key Performance Indicators (KPIs)
Key Risk Indicators (KRIs)
Material Risk
Materiality
Mitigation Strategy
Process Owner
Residual Risk
Risk Appetite
Risk Assessment Matrix
Risk Categories
Risk Impact
Risk Likelihood
Risk Rating
Risk Register
Risk Tolerance
Risk Treatment
Risk Velocity
Root Cause Analysis
Scope Limitations
Significant Risk
Strategic Objectives
Testing Procedures
Control Deficiency
Audit Committee
Board of Directors
Compliance Risk
Financial Risk
Operational Risk
Strategic Risk
Heat Map
Control Testing
Risk-Based Approach
Assurance Services
Control Environment
Control Objectives
Critical Risk
Inherent Risk
Internal Audit Charter
Internal Control Framework
Key Performance Indicators (KPIs)
Key Risk Indicators (KRIs)
Material Risk
Materiality
Mitigation Strategy
Process Owner
Residual Risk
Risk Appetite
Risk Assessment Matrix
Risk Categories
Risk Impact
Risk Likelihood
Risk Rating
Risk Register
Risk Tolerance
Risk Treatment
Risk Velocity
Root Cause Analysis
Scope Limitations
Significant Risk
Strategic Objectives
Testing Procedures
Control Deficiency
Audit Committee
Board of Directors
Compliance Risk
Financial Risk
Operational Risk
Strategic Risk
Heat Map
Control Testing
Risk-Based Approach
Assurance Services
Clauses
Purpose and Scope
Governance Structure
Methodology and Approach
Risk Assessment Process
Risk Identification
Risk Evaluation Criteria
Risk Measurement
Control Assessment
Resource Requirements
Reporting Requirements
Documentation Standards
Quality Assurance
Roles and Responsibilities
Independence and Objectivity
Professional Standards
Regulatory Compliance
Risk Categories
Stakeholder Communication
Confidentiality
Data Protection
Review and Update Process
Timeline and Schedule
Authority and Access Rights
Risk Prioritization
Follow-up Procedures
Performance Measurement
Technology and Systems
External Coordination
Business Continuity
Ethics and Integrity
Change Management
Risk Monitoring
Audit Planning
Resource Allocation
Training Requirements
Governance Structure
Methodology and Approach
Risk Assessment Process
Risk Identification
Risk Evaluation Criteria
Risk Measurement
Control Assessment
Resource Requirements
Reporting Requirements
Documentation Standards
Quality Assurance
Roles and Responsibilities
Independence and Objectivity
Professional Standards
Regulatory Compliance
Risk Categories
Stakeholder Communication
Confidentiality
Data Protection
Review and Update Process
Timeline and Schedule
Authority and Access Rights
Risk Prioritization
Follow-up Procedures
Performance Measurement
Technology and Systems
External Coordination
Business Continuity
Ethics and Integrity
Change Management
Risk Monitoring
Audit Planning
Resource Allocation
Training Requirements
Relevant Industries
Banking and Financial Services
Insurance
Manufacturing
Technology and Telecommunications
Energy and Utilities
Healthcare
Real Estate and Construction
Retail and Consumer Goods
Transportation and Logistics
Education
Public Sector
Professional Services
Relevant Teams
Internal Audit
Risk Management
Compliance
Finance
Legal
Operations
Information Technology
Human Resources
Quality Assurance
Corporate Governance
Strategy
Control and Compliance
Relevant Roles
Chief Audit Executive
Internal Audit Director
Risk Manager
Compliance Officer
Chief Financial Officer
Chief Risk Officer
Audit Committee Chairman
Board Director
Internal Audit Manager
Senior Auditor
Risk Assessment Specialist
Governance Officer
Control and Compliance Manager
Audit Planning Manager
Quality Assurance Manager
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