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Annual Risk Assessment Model

Name

Annual Risk Assessment Model

Description

The annual risk assessment model workbook contains multiple worksheets requiring an understanding of the organization units, objectives, departments and more. 

Instructions for completing the risk assessment model.

1. Begin by inputting the information into the Objectives worksheet. worksheet. The AUDIT column should consist of the audit universe. Other columns are optional (Type, Unit, Objective and Key Contacts).
2. Each audit listed automatically copies to the remaining worksheets.
3. Go to the Summary worksheet. The Summary worksheet contains a Criteria legend.
4. Input the estimated audit hours needed to complete each audit. See estimated hours column.
5. Next, Point and click on each criteria under the Criteria Legend to input risk assessment data. Each Criteria worksheet contains comments for each criteria element to help assign rankings. The Summary worksheet is automatically updated.
6. Go to the SORT worksheet. Point and click on the SORT BY RANK button.
7. While in the SORT worksheet, point and click on the available hours link. Input information as required to get total available person-hours.
8. Input the hours available for each audit by year for a 5-year plan. The net available or needed hours are automatically calculated. See row 16 beginning at column V.
NOTE: Each time data is updated in step 5, criteria worksheet, all the subsequent steps must be repeated.

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Standard (Non-IT) Audit Program

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Subscription Level

Premium

Type

Procedures

Language

English