This tool includes two sample audit reports that outline steps an audit department should take when conducting a risk assessment.

Facilitating a risk assessment includes interviewing business leaders to understand key strategic business objectives, enablers for these key business objectives and each leader’s view on organizational risks; identifying key points and risk considerations from risk council meetings; and reviewing results from audits and Sarbanes-Oxley (SOX) testing. Following risk council meetings, audit plans are shared with the executive team and the audit committee.