• Audit Management

Risk-based Audit Planning

  • Included as part of the integrated TeamMate Audit Management Software System, TeamRisk is a powerful risk-based auditing tool that works the way you do, letting you decide what works best as you design, perform and report your risk assessment.

    TeamRisk assists auditors in creating risk-based auditing assessments that are compatible with the following standards:

    • Institute of Internal Auditors: “Standards for the Professional Practice of Internal Auditing”
    • Basel Committee on Banking Supervision: “Internal Audit in Banks and the Supervisor’s Relationship with Auditors”
    • COSO Report: “Internal Control – Integrated Framework”
    • The King Code of Corporate Practices and Conduct 2002
    • Turnbull Committee

    TeamRisk integrates with TeamSchedule audit scheduling and TeamMate EWP (Electronic Working Papers):

    • Identify projects during the risk assessment can be scheduled in TeamSchedule.
    • Audit electronic working paper files can be created for identified projects in TeamMate EWP.

    Integrating risk-based auditing with TeamSchedule and TeamMate EWP means that project profiles and detailed risk assessment results captured in TeamRisk flow through to other parts of the TeamMate Suite.

    Design

    • Design your risk assessment process to mirror your organization
    • Populate your Risk Library with Objectives, Risks and Controls
    • Determine Scoring Formulas and Scoring Bands
    • Choose Scoring Metrics, like Impact and Likelihood, which best describe your approach to risk determination
    • Decide on Metric Dimensions to assess Risk Factors before controls (Inherent), after controls (Residual), or both
    • Stipulate Custom Measures to add a dimension of Importance to Business Units and Processes
    • Define Project Categories (aligned with TeamSchedule and TeamMate EWP categories)
    • Define User Roles and Access Levels
    • Develop Self-Assessment questionnaires for risk assessment input by process owners

    Perform

    • Capture Custom Measure values for the organization under review
    • Select Objectives, Risks and Controls from the Risk Library
    • Link Risks to affected Entities and score on an Inherent and/or Residual basis
    • View Self-Assessment results submitted by process owners
    • Comment on assessments made on a per-risk basis
    • Attach Supporting Documentation to assessments
    • Filter Objectives and Risks for the entire Enterprise or for a specific Organizational Entity

    Build a Project File

    • Once risk-based auditing assessments have been performed, an easy to use, graphic rich project selection wizard guides auditors in the identification of higher risk entities and functions that are to receive audit attention.
    • Project files containing work programs and work papers are created based on information in the risk assessment database. Risk information identified in TeamRisk is automatically populated in the Risk & Control Viewer of TeamMate EWP, highlighting risks and controls for auditors to address.

    Report

    • TeamRisk’s heat-map formatted Audit Universe Viewer makes it easy to identify Organizational Units and Business Processes that require audit attention.
    • Automatically produce an Annual Audit Plan with supporting Project Detail schedules, based on your risk assessment process.
    • In addition, a range of narrative and graphical report templates are available, including:
      • Risk Assessment Detail Report
      • Audit Universe Heat Map Report
      • Risk Matrix Report
      • Risk Category Heat Map Report
       
    • Report Templates are customizable, allowing you to tailor layouts that conform to your reporting standards.