An Audit Risk Assessment questionnaire is one that is very helpful in assessing the effectiveness of auditing in any organisation. Audits are designed to find out the fraudulent mistakes and other unwanted activities happening in any organisation which are usually not visible. Auditors try to identify any kind of material misstatements that could be happening due to frauds with the help of these questionnaires.
These questionnaires are very helpful in conducting the studies and assessment about the risks and threats faced by any organisation. The methods of fraud risk assessment and the timing of the assessment can also be identified with these questionnaires. Check the below sample to understand the pattern used in audit risk assessment questionnaire.
Sample Audit Risk Assessment Questionnaire
Company Name ________________________________
Number of employees’ _____________________________
Sector in which the company is operating _______________
Q1) Are the policies used in the organisation working appropriately to ensure the management control processes?
Q2) What are the most significant risk and opportunities available in your organisation?
Q3) How do you rate the role of the management in implementing best of the practices in you organisation?
Q4) Are you satisfied with the alignment of objective and accountability with the process of risk assessment?
a. Yes very much satisfied
c. Not much
d. No not at all satisfied
Q5) Do you feel, that the documentation and report procedures are sufficient, to analyse the entire activities and processes happening within the organisation?
Q6) Do you find adequate coordination between the internal and external auditor of your organisation?
Q7) Is your organisation trying to find out the opinion of all the employees about the existing risk assessment procedures?
Q8) What are your suggestions to improve the audit risk assessment process in your organisation?
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