Document background
The Internal Audit Plan Risk Assessment is a crucial governance document required for organizations operating in Hong Kong to effectively identify, evaluate, and manage their risk exposure. This document is typically prepared annually or when significant organizational changes occur, serving as the foundation for risk-based internal audit activities. It ensures compliance with Hong Kong regulatory requirements, including the Hong Kong Companies Ordinance and Corporate Governance Code, while incorporating international internal audit standards. The assessment covers various risk categories including operational, financial, compliance, and strategic risks, providing a systematic approach to prioritizing audit resources based on risk levels. It is particularly important for regulated industries and listed companies in Hong Kong, where robust internal control and risk management systems are mandatory.
