Internal Audit Risk Assessment
A friend from one of the schools shared this tool with Maria Roush. It is a risk assessment model that would be used to assist with the audit scheduling. The model consists of two pages on Excel. The summary page will give an auditor a tool to prioritize his/her audits. She says it is the best she has seen
because it is so simple, and management can participate in it, so they
have a "buy-in".
Instructions: The data sheet is where the items are risk rated by both management and audit/compliance. Audit/Compliance would use column D then "hide" the column before printing and submitting to management for their assessment (column F). Column H calculates the two risk assessments. These assessments are then "pulled" into the Summary page by specific categories. Both use the numberical basis of 1 = low through 5 = high. Column D currently has example numbers in it with the totals coming to
100 in each area. Again, these are samples and should not be mistaken for actual risk ratings.
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