Risk-Based Audit Framework Guide (RBAF Guide)

Table of Contents

Foreword

Executive Summary

Glossary of Risk Management Terms

Section 1 - Introduction to the Risk-Based Audit Framework

1. What is an RBAF?
2. Why Do We Need an RBAF?
3. Who Should be Involved in the Development and Implementation of the RBAF?
4. What Factors Should be Considered in Planning and Preparing an RBAF?

Section 2 - Components of an RBAF

Section 3 - Steps in the Process

1. Introduction
2. Roles, Responsibilities and Relationships
3. Program Profile
4. Program Risk Identification, Assessment and Management Summary
5. Program Monitoring and Recipient Auditing
6. Internal Auditing
7. Reporting Strategies

Section 4 - RBAF/ RMAF Integration

1. Benefits of Integrated Performance and Risk Assessment and Reporting

Appendix A: Guiding Principles for the Process

Appendix B: Process for the Risk Assessment and Management Summary

Appendix C: Process for Planning Recipient and Internal Audits

Appendix D: Transfer Payment Accountability and Risk Management Environment

Appendix E: Risk Scorecard^MC Toolkit

Appendix F: Sources of Risk Template

Appendix G: Risk Management Action (Tolerance) Model

End Notes