Risk Assessment Audit Work Program

The purpose of this audit risk assessment work program is to assess and validate key controls in place for the risk assessment component of the COSO framework. Inadequate or ineffective controls in this area may give rise to financial and operational risks.

Risks addressed include: management does not have a business planning process in place, which examines existing objectives and establishes new objectives when necessary; management has not established business plans and budgets with realistic goals, and incentives for the achievement of plans are not balanced; objectives are not communicated at the appropriate levels, etc.