Document background
The Audit Plan Risk Assessment is a critical document required for conducting audits in Saudi Arabia, serving as the foundation for effective audit planning and execution. It is prepared in compliance with SOCPA regulations, International Standards on Auditing, and relevant Saudi Arabian legislative requirements. This document is essential when planning an audit engagement, whether for listed or private companies, and must be prepared before commencing substantial audit procedures. It includes comprehensive risk evaluation across various business aspects, assessment of control environments, and detailed audit response strategies. The document considers unique aspects of the Saudi business environment, including Zakat regulations, Shariah compliance where applicable, and specific CMA requirements for listed entities. It serves as a key reference point throughout the audit engagement and forms part of the permanent audit file.
