Internal Audit Risk Assessment
Maria Roush shared this tool. 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 to100 in each area.Again, these are samples and should not be mistaken for actual risk ratings.
First published on 01/15/2005