Templates
Internal audit risk assessment template

Internal audit risk assessment template

Assess, prioritize, and document organizational risks to guide your internal audit plan.

Use this template
or download pdf
Internal audit risk assessment template

Assess, prioritize, and document organizational risks to guide your internal audit plan.

Use this template
or download pdf

Our internal audit risk assessment template enables you to systematically identify and analyze risks across your organization so you can focus audit resources where they matter most. This template is for audit managers and compliance teams who need to address increasing fraud threats and tighter regulations. 85% of global companies are already raising their fraud prevention budgets, according to Corporate Compliance Insights.

Unlike our internal audit checklists or ISO-specific templates, this tool focuses on risk-based planning, helping you align your audit program with strategic objectives. For detailed process checks or compliance audits, we have a wide range of checklist templates tailored to specific standards and industries.

Related categories

Preview of the template
Risk Identification
List key risk areas
Identify potential risk events
Risk Evaluation
Assess likelihood of risk events
Determine potential impact of risks
Risk Prioritization
Prioritize key risks based on likelihood and impact
Risk Mitigation
Identify mitigation strategies
Assign owners and timelines for mitigation actions
Monitoring and Review
Establish key risk indicators
Regularly review and update risk assessment

Frequently asked questions

What types of risks are usually evaluated during an internal audit risk assessment?

Typical risks include financial misstatements, operational disruptions, cyber threats, regulatory breaches, and fraud. The assessment may also look at strategic risks, such as those related to mergers, acquisitions, or market changes.

Which data sources are most helpful for an internal audit risk assessment?

Helpful data sources include previous audit reports, incident logs, compliance records, financial statements, and input from department managers. Combining these sources gives a comprehensive view of the organization’s risk landscape.

What if an internal audit risk assessment uncovers unexpected risks?

If you identify risks you weren’t expecting, take time to investigate them thoroughly. Engage relevant stakeholders, assess whether current controls are sufficient, and consider updating your audit plan to address these new priorities. By addressing surprises quickly, you can prevent small issues from becoming major problems later.

What challenges do companies face when performing internal audit risk assessments?

Common challenges include lack of reliable data, inconsistent processes across departments, and difficulty getting buy-in from all stakeholders. These issues can lead to missed risks or inefficient allocation of audit resources.

This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.