Factsheet - Internal Audit Risk Assessment Types

Factsheet

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Author

IIA-Australia

Date

2023

Topics Explored

Internal Audit, Internal Audit Management 

Format

Factsheet

Extract/Description

The assessment of risk is a critical component of managing internal audit resources for the best benefit of the organisation. There are different applications of risk assessment in internal audit and it is important for the chief audit executive to ensure their internal audit function has the necessary skills and expertise relating to risk.

Key Points

1. Risk assessment to ascertain specific risks that may affect the internal audit function achieving its strategic objectives.

2. Risk assessment of the organisation environment to ascertain risks to be considered when developing the internal audit plan.

3. Risk assessment for individual internal audit engagements and services to ascertain risks applicable to the topic to be audited.

4. Risk assessment for individual internal audit engagements and services to ascertain risks that may affect successful completion of an individual internal audit engagement or service.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

No