Audit Plan Risk Assessment

Audit Plan Risk Assessment Template for Nigeria

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Key Requirements PROMPT example:

"I need an Audit Plan Risk Assessment for a Nigerian fintech company with significant digital payment operations, focusing heavily on cybersecurity risks and compliance with Central Bank of Nigeria regulations."

Document background

The Audit Plan Risk Assessment is a fundamental document required for audit engagements in Nigeria, developed in compliance with the Companies and Allied Matters Act (CAMA) 2020, Financial Reporting Council of Nigeria regulations, and Nigerian Standards on Auditing. This document is essential when planning and conducting statutory audits, internal audits, or special purpose audits. It provides a structured framework for identifying and evaluating various risks, including inherent risks, control risks, and detection risks specific to the Nigerian business environment. The assessment considers local regulatory requirements, industry-specific factors, and the entity's internal control systems. It helps determine the nature, timing, and extent of audit procedures while ensuring adherence to professional standards and regulatory requirements in Nigeria.

Suggested Sections

1. Executive Summary: Overview of the audit risk assessment approach and key findings

2. Engagement Overview: Details of the audit engagement, client information, and scope of work

3. Understanding the Entity: Analysis of the entity's business, operations, industry, and regulatory environment

4. Risk Assessment Methodology: Description of the risk assessment approach, frameworks, and criteria used

5. Internal Control Evaluation: Assessment of the entity's internal control systems and their effectiveness

6. Inherent Risk Assessment: Identification and evaluation of inherent risks across business processes

7. Control Risk Assessment: Evaluation of risks related to control deficiencies and weaknesses

8. Fraud Risk Assessment: Assessment of potential fraud risks and anti-fraud controls

9. Risk Response Strategy: Planned audit procedures in response to identified risks

10. Resource Allocation: Assignment of audit resources based on risk assessment

11. Timeline and Milestones: Scheduled activities and key deadlines for the audit engagement

Optional Sections

1. Industry-Specific Risk Factors: Detailed analysis of risks specific to the client's industry - include for specialized industries like banking, insurance, or oil and gas

2. IT Systems Risk Assessment: Detailed evaluation of IT systems and related risks - include for entities with complex IT environments

3. Group Audit Considerations: Risk assessment considerations for group audits - include when dealing with multiple entities or subsidiaries

4. Regulatory Compliance Assessment: Detailed assessment of compliance risks - include for highly regulated industries

5. Going Concern Assessment: Detailed evaluation of going concern risks - include when there are indicators of financial distress

6. Previous Audit Findings: Analysis of previous audit issues and their current status - include for recurring audit clients

Suggested Schedules

1. Risk Assessment Matrix: Detailed matrix showing risk ratings for identified risks

2. Control Testing Schedule: Planned control testing procedures and timing

3. Financial Statement Risk Map: Mapping of risks to financial statement areas

4. Materiality Calculations: Details of materiality determination and basis

5. Key Personnel and Responsibilities: List of audit team members and their assigned areas

6. Client Information Checklist: Required information and documents from the client

7. Risk Assessment Questionnaires: Completed risk assessment questionnaires and surveys

8. Planning Analytics: Key financial ratios and analytical procedures results

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Manufacturing

Oil and Gas

Telecommunications

Retail

Healthcare

Technology

Real Estate

Agriculture

Construction

Mining

Education

Transportation

Utilities

Professional Services

Relevant Teams

Audit

Risk Management

Internal Audit

Finance

Compliance

Quality Assurance

Executive Leadership

Board of Directors

Operations

Information Technology

Relevant Roles

Audit Partner

Audit Manager

Senior Auditor

Risk Assessment Specialist

Audit Committee Chair

Chief Financial Officer

Financial Controller

Internal Audit Director

Compliance Officer

Risk Manager

Chief Executive Officer

Chief Operating Officer

Technical Partner

Quality Assurance Partner

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