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Audit Risk Universe

This document provides three samples that outline audit risk categories for different business entities and processes. Sample 1 lists the major reporting categories, processes, and departments for an accounts, administration, delivery, engineering, galvanizing, IT, operational cost control, packing/shipping, production, purchase, and quality assurance department. Sample 2 lists business units and activity groups for a manufacturing company including raw materials, finished goods, warehouses, and service providers. Sample 3 outlines categories of operational, financial, strategic, and compliance risks.

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Richmond Loong
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1K views4 pages

Audit Risk Universe

This document provides three samples that outline audit risk categories for different business entities and processes. Sample 1 lists the major reporting categories, processes, and departments for an accounts, administration, delivery, engineering, galvanizing, IT, operational cost control, packing/shipping, production, purchase, and quality assurance department. Sample 2 lists business units and activity groups for a manufacturing company including raw materials, finished goods, warehouses, and service providers. Sample 3 outlines categories of operational, financial, strategic, and compliance risks.

Uploaded by

Richmond Loong
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Audit risk universe

SAMPLE 1

No Major Reporting Category Process or Entity Major Processes and Local specific research
Groupings Common Administrative entities and minor
Services administrative
processes
Accounts Department
Billings & Billings & Receivables
Receivables
Budget/ Planning Monitoring
Planning & Formulation
Cash Management Bank Account
Administration &
Reconciliation
Disbursement Accounts Payables
Cheque requests
Entertainment
Travel
Financial Reporting General Ledger
Sub ledger systems
Tax Accounting
Payroll Payroll processing
Conflict of commitment
Time reporting
Procurement Consulting contracts/
Contract labor
Equipment leases
Purchase Order

Administration Department Human Resource Compensation


Education/ Training
Labor/ Employee
relations
Recruitment & Staffing

Delivery Department

Engineering & Design


Department

Galvanizing Department

Information Technology Information structure Strategic planning


Department
User authentication Authentication project
& access
Central
Distributed
Telecommunication Data
Voice
System Acquisition/ Acquisition
New development
Development
Records Release of information
Management
Retention
Storage/ Media Handling
Software Application review
Database review
System software review

Operational Cost Control


Department

Packing & Shipping


Department

Production Department
Purchase Department

Quality Assurance/ Control


Department

Sales & Marketing


Department

Technical Department

SAMPLE 2
No Business Unit Activity group
1 Manufacturing, factory production Raw materials, finished goods, WIPs, orders,
shipments, store-keeping, insurance.
2 Agency network Dealers, distributors, agents.
3 Warehousing Stores, point-of-sale, mailing, billing, receivable
collections, inventory management
4 Service providers Consultants, bankers, insurance, government
intermediaries, regulators, auditors, rating
agencies, advertisers, PR and media.

SAMPLE 3

No Category Risk
1 Operational Physical Assets
Hazards
Information Technology
People
Supply Chain
Sales Marketing

2 Financial Market
Tax
Liquidity & Credit
Accounting &Reporting
Capital Structure

3 Strategic Governance
Planning & resource allocation
Major initiatives
Mergers, acquisition & divesture
Market Dynamics
Communication & investor relations

4 Compliance Regulatory
Legal
Code of conduct

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