Planning And Risk Assessment In Auditing

Planning And Risk Assessment In Auditing Template for Malaysia

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Key Requirements PROMPT example:

"I need a Planning And Risk Assessment In Auditing document for a Malaysian manufacturing company with subsidiaries in Thailand and Vietnam, focusing particularly on supply chain risks and cross-border transactions for the audit period ending March 2025."

Document background

The Planning And Risk Assessment In Auditing document serves as a crucial tool for audit engagements in Malaysia, designed to meet the requirements of both local and international auditing standards. It is essential for ensuring compliance with Malaysian regulatory frameworks, including the Companies Act 2016, Accountants Act 1967, and guidelines issued by the Malaysian Institute of Accountants. This document should be used at the initial phase of every audit engagement to establish the scope, identify potential risks, and develop appropriate audit strategies. It encompasses key elements such as understanding the entity's business environment, assessing internal controls, determining materiality levels, and planning audit procedures while considering Malaysia-specific business practices and regulatory requirements.

Suggested Sections

1. Executive Summary: Overview of the audit planning approach and key risk assessment findings

2. Engagement Information: Basic information about the audit engagement, client details, and timeline

3. Understanding the Entity: Analysis of the entity's business, industry, regulatory environment, and operations

4. Internal Control Assessment: Evaluation of the entity's internal control systems and their effectiveness

5. Risk Assessment Procedures: Description of procedures performed to identify and assess risks

6. Identified Risks: Documentation of identified risks, including fraud risks and significant risks

7. Risk Response Strategy: Planned audit responses to address identified risks

8. Resource Planning: Allocation of team resources and expertise required for the audit

9. Timeline and Milestones: Detailed schedule of audit activities and key deadlines

10. Quality Control Measures: Procedures to ensure audit quality and compliance with standards

Optional Sections

1. Group Audit Considerations: Required when the entity is part of a group structure, detailing additional planning considerations

2. IT Systems Assessment: Detailed evaluation of IT systems when the entity has complex technological environments

3. Specialist Involvement: Required when specialized expertise is needed for specific areas of the audit

4. Prior Year Matters: Analysis of previous audit issues when there are significant matters carried forward

5. Going Concern Assessment: Detailed analysis when there are indicators of going concern issues

6. Related Party Analysis: In-depth assessment when there are significant related party transactions

Suggested Schedules

1. Risk Assessment Matrix: Detailed matrix showing risk evaluation and classification

2. Planning Materiality Calculations: Schedule showing the basis and calculation of materiality levels

3. Entity Organization Chart: Diagram showing the entity's structure and key personnel

4. Key Financial Indicators: Analysis of important financial metrics and trends

5. Audit Program Overview: Summary of planned audit procedures for each significant area

6. Resource Allocation Schedule: Detailed breakdown of team assignments and time budgets

7. Risk Control Matrix: Mapping of identified risks to relevant controls

8. Communication Plan: Schedule of planned communications with management and those charged with governance

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Manufacturing

Real Estate

Technology

Healthcare

Retail

Energy

Telecommunications

Construction

Agriculture

Education

Transportation and Logistics

Mining and Natural Resources

Relevant Teams

Audit

Risk Management

Compliance

Quality Assurance

Technical Advisory

Internal Control

Financial Reporting

Corporate Governance

Operations

Relevant Roles

Audit Partner

Audit Manager

Senior Auditor

Risk Assessment Specialist

Quality Control Reviewer

Audit Director

Technical Partner

Compliance Officer

Internal Audit Manager

Financial Controller

Chief Financial Officer

Risk Management Officer

Audit Committee Chairman

External Audit Lead

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