Business risk can be defined as the threat that an event, action or non-action will adversely affect a company’s ability to achieve its objectives and execute its strategies successfully. An internal audit risk assessment is a key element to identifying, analyzing and prioritizing potential risks, ensuring that audit resources are allocated to the areas where they are needed most.

This KnowledgeLeader tool is designed to help you complete an assessment of your organization's risk areas. Use the three sample questionnaires included in this document to obtain input from the potential “customers” of your internal audit function. Once you have gathered responses, you can use them to develop an audit plan that provides broad coverage through a blend of internal audits, control self-assessment and targeted external audit coverage.