Transcription of RISK ASSESSMENT IN PERFORMANCE AUDITS
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RISK ASSESSMENT IN PERFORMANCE AUDITS
ECA - Guideline on Risk ASSESSMENT October 2013 Page 1 EUROPEAN COURT OF AUDITORS audit METHODOLOGY AND SUPPORT UNIT RISK ASSESSMENT IN PERFORMANCE AUDITS table OF CONTENTS FOREWORD Section 1: What is risk ASSESSMENT & when to perform it The purpose of risk ASSESSMENT Defining risk and risk ASSESSMENT Section 2: How to do it The auditor s approach to risk ASSESSMENT Step - Present the audited area in a diagram & list the expected key controls Step - Identify the risks Step - Analyse the risks to assess the risk level Step - Focus on the key risks to define the audit questions and scope Annexes I: Risk ASSESSMENT Process II: Sources of information III: Illustrative list of risks factors IV: Examples of risks The PERFORMANCE audit Manual of the European Court of Auditors states that the preliminary study1 Guidance for carrying out risk ASSESSMENT in order to identify and analyse the risks to sound financial management, and allow a more structured approach to developing relevant audit questions.
RISK ASSESSMENT IN PERFORMANCE AUDITS . TABLE OF CONTENTS FOREWORD : Section 1: What is risk ... Following the risk assessment, the auditors will complete the . Potential Audit Question and Scope (PAQS) table ... Risk Analysis Table . Potential Audit Questions & Scope . PAQS table…
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