The Audit Risk Assessment document is a critical component of the audit planning process in Indonesia, required under both local regulations and international auditing standards. This document is typically prepared at the initial phase of an audit engagement to identify, evaluate, and document potential risks that could affect the financial statements or audit opinion. The assessment must comply with Indonesian regulatory requirements, including those set by OJK and IAPI, while following the framework established in Indonesian Standards on Auditing (SPAP). The Audit Risk Assessment helps determine the audit strategy, resource allocation, and specific procedures needed to address identified risks. It includes evaluation of the client's business environment, internal control systems, previous audit findings, and industry-specific considerations. This document serves as a foundation for developing an effective and efficient audit approach while maintaining compliance with Indonesian audit regulations and professional standards.
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1. Executive Summary: High-level overview of the key findings, major risk areas identified, and summary of recommendations
2. Engagement Overview: Details of the audit engagement, including scope, objectives, and timeline
3. Entity Description: Overview of the organization being audited, including business model, operations, and organizational structure
4. Risk Assessment Methodology: Description of the approach and methods used to identify and assess risks
5. Internal Control Environment: Assessment of the organization's internal control framework and governance structure
6. Key Risk Areas: Detailed analysis of identified significant risks, including inherent risks and control risks
7. Financial Statement Risk Assessment: Specific risks related to financial statement accounts and disclosures
8. Fraud Risk Assessment: Evaluation of potential fraud risks and related controls
9. Risk Response Strategy: Planned audit procedures and approaches to address identified risks
10. Conclusions and Recommendations: Overall assessment conclusions and recommended actions for risk mitigation
1. Industry-Specific Risk Analysis: Detailed analysis of risks specific to the client's industry (included for specialized industries with unique risk factors)
2. IT Systems Risk Assessment: Detailed evaluation of IT-related risks and controls (included when technology plays a significant role in operations)
3. Regulatory Compliance Risk Assessment: Analysis of compliance risks for heavily regulated industries (included for entities in regulated sectors)
4. Group Audit Considerations: Assessment of risks related to group structure and components (included for consolidated entities)
5. Environmental and Social Risk Assessment: Analysis of environmental and social risks (included for organizations with significant environmental or social impact)
1. Risk Assessment Matrix: Detailed matrix showing risk likelihood and impact assessments for identified risks
2. Control Testing Schedule: Schedule of planned control testing procedures and timing
3. Financial Statement Risk Map: Mapping of risks to specific financial statement accounts and assertions
4. Previous Audit Findings: Summary of relevant findings from previous audits and their current status
5. Risk Assessment Questionnaires: Completed risk assessment questionnaires and interviews with management
6. Entity's Risk Register: Organization's own risk register and risk management documentation
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