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Audit Risk Assessment for Philippines

Audit Risk Assessment Template for Philippines

This document represents a comprehensive audit risk assessment framework tailored to the Philippine regulatory environment, aligned with Philippine Standards on Auditing (PSA) and relevant local legislation. It provides a structured approach to identifying, evaluating, and documenting potential risks that could impact an organization's financial reporting, operational efficiency, and regulatory compliance. The assessment incorporates specific considerations for Philippine business practices, local regulatory requirements, and industry-specific risk factors while ensuring alignment with international auditing standards adapted for the Philippine context.

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What is a Audit Risk Assessment?

The Audit Risk Assessment is a crucial document used by organizations operating in the Philippines to systematically evaluate and document potential risks affecting their operations and financial reporting. This assessment is required under Philippine Standards on Auditing and must comply with local regulatory frameworks, including requirements from the Securities and Exchange Commission and the Philippine Institute of Certified Public Accountants. The document is typically prepared during the planning phase of an audit engagement or as part of regular risk monitoring processes. It encompasses various risk categories including financial, operational, compliance, and strategic risks, while considering unique aspects of the Philippine business environment. The assessment helps organizations identify potential threats, evaluate control effectiveness, and develop appropriate risk mitigation strategies while ensuring compliance with local regulations and international best practices.

What sections should be included in a Audit Risk Assessment?

1. Executive Summary: Overview of the key findings, major risk areas identified, and summary of recommendations

2. Engagement Overview: Purpose of the risk assessment, scope of work, and methodology used

3. Entity Understanding: Detailed description of the organization, its operations, industry context, and business environment

4. Control Environment Assessment: Evaluation of the organization's internal control framework, governance structure, and management philosophy

5. Risk Identification and Analysis: Systematic identification and analysis of inherent risks, business risks, and control risks

6. Financial Statement Risk Assessment: Specific analysis of risks related to financial statement preparation and reporting

7. Fraud Risk Assessment: Evaluation of potential fraud risks and related controls

8. IT Systems and Cybersecurity Risk Assessment: Analysis of risks related to information systems and technology infrastructure

9. Regulatory Compliance Risk Assessment: Assessment of risks related to compliance with relevant laws and regulations

10. Risk Response and Mitigation Strategies: Recommended approaches for addressing identified risks

11. Conclusions and Recommendations: Overall risk assessment conclusions and specific recommendations for improvement

What sections are optional to include in a Audit Risk Assessment?

1. Industry-Specific Risk Analysis: Detailed analysis of risks specific to the entity's industry - include when the industry has unique risk factors or regulatory requirements

2. Group Structure Risk Assessment: Assessment of risks related to complex group structures - include for organizations with multiple subsidiaries or affiliated entities

3. Foreign Operations Risk Assessment: Analysis of risks related to international operations - include when the entity has significant foreign operations

4. Special Projects Risk Assessment: Evaluation of risks related to major ongoing projects - include when significant projects could impact the organization's risk profile

5. Environmental and Social Risk Assessment: Analysis of environmental and social responsibility risks - include for organizations with significant environmental impact or ESG considerations

What schedules should be included in a Audit Risk Assessment?

1. Risk Assessment Matrix: Detailed matrix showing identified risks, their likelihood, impact, and risk rating

2. Control Testing Results: Summary of testing performed on key controls and their effectiveness

3. Financial Analysis: Key financial metrics and trends relevant to risk assessment

4. Organization Chart: Current organizational structure showing key positions and reporting lines

5. Risk Heat Map: Visual representation of risks based on impact and probability

6. Previous Audit Findings: Summary of relevant findings from previous audits and their current status

7. Interview List: List of key personnel interviewed during the risk assessment process

8. Risk Response Timeline: Proposed timeline for implementing risk mitigation strategies

9. Regulatory Compliance Checklist: Detailed checklist of relevant regulatory requirements and compliance status

Authors

Alex Denne

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

Jurisdiction

Philippines

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions




































Clauses




























Relevant Industries

Financial Services

Manufacturing

Retail

Technology

Healthcare

Real Estate

Energy

Telecommunications

Mining

Construction

Education

Transportation and Logistics

Agriculture

Professional Services

Public Sector

Non-Profit Organizations

Relevant Teams

Internal Audit

Risk Management

Compliance

Finance

Legal

Corporate Governance

Operations

Information Technology

Senior Management

Board of Directors

Audit Committee

Relevant Roles

Chief Financial Officer

External Auditor

Internal Audit Manager

Risk Management Officer

Compliance Officer

Financial Controller

Audit Partner

Senior Audit Manager

Risk Assessment Specialist

Corporate Governance Officer

Board Director

Audit Committee Member

Chief Risk Officer

Financial Reporting Manager

Internal Control Specialist

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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