Performing a Risk Assessment

Objective

After completing this lesson, you will be able to execute the risk assessment on the audit preparation phase.

Risk Assessment Process Flow and Roles

You can perform additional analysis using a risk assessment process before the creation of the audit execution work program in SAP Audit Management. The risk assessment in the audit preparation phase allows you to check the main risks on the basis of updated information, and conduct additional reviews in order to clarify the objectives of an audit and scope of required activities during the audit. Partner, external auditor, and audit lead roles of the audit team participate in the risk assessment process.

This figure outlines the risk assessment process responsibilities for audit lead, partner, and external auditor in four main steps.

Performing and Reviewing a Risk Assessment