Create a Risk Assessment

Document and categorize risks identified during an audit. Each risk is assigned a level and linked to a mitigation plan. Risks are color-coded by severity for quick review.

Steps

1. Go to Audit → Risk Assessments in the sidebar.
2. Select your Business from the dropdown.
3. Click New Assessment.
4. Fill in the details:
   • Client — select the business.
   • Category — choose from Fraud, Error, Compliance, Operational, Financial, or IT.
   • Description — describe the identified risk.
   • Level — rate the risk as Low, Medium, High, or Critical.
   • Date — the date the risk was identified.
   • Mitigation Plan — describe the steps to address or reduce the risk.
5. Click Create.
6. To update an existing risk, click the Edit link on the assessment row.

Tips

• Risks are color-coded by level: green (Low), yellow (Medium), orange (High), red (Critical).
• Review and update risk assessments regularly as the audit progresses.
• Link mitigation plans to specific audit procedures or checklist items where possible.
• Critical and High risks should be flagged to engagement partners immediately.