Our Bank Audit Plan Report includes a thorough risk assessment and gap analysis, developed using a risk-based audit approach for effective auditing. By utilizing a risk-based audit approach, organizations can identify key auditable areas, assess each for potential risks, and assign a risk rating, ensuring that high-risk areas are prioritized and audited annually, while medium to low-risk areas follow an 18-to-24-month cycle. The report includes a summary audit plan, highlighting budgeted hours for each area, and a Focus of Audit Effort section, which compares the distribution of efforts across various departments over current and prior years.

This tool provides insights into significant changes in the audit plan, reflecting shifts in emphasis based on risk assessments, such as greater focus on lending activities and centralized operations. It also integrates regulatory compliance into the audit schedule, coordinating with the bank's compliance officer to ensure thorough coverage. With this tool, a clear road map is provided for planning and allocating resources effectively, staying informed about the bank's evolving risk landscape, and ensuring a targeted and responsive audit strategy.

High risks outlined in this audit report include:

• Treasury/Investments/ALM
• Central Services
• Internet Connection/Firewall
• New Product Development