Factsheet - Internal Audit Risk Assessment of the Organisation's Environment

Factsheet

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Author

IIA-Australia

Date

2025

Topics Explored

Internal Audit, Internal Audit Management

Format

Factsheet

Extract/Description

Internal auditors are to perform a risk assessment of the organisation environment (context) to ascertain risks to be considered when developing the internal audit plan.

Key Points

  • Requirements for risk assessment of the organisation's environment are outlined in the Global Internal Audit Standards 9.1, 9.2 and 9.4
  • In many organisations, internal audit can leverage the organisation's risk assessment for risks to be considered when developing the internal audit plan.
  • In the absence of a suitable and current organisation risk assessment, it will be incumbent on the internal audit function to prepare its own detailed risk assessment. A structured approach should be adopted.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes