Document background
The Audit Plan Risk Assessment is a fundamental document required for all audit engagements in Qatar, serving as the foundation for effective audit execution. It is developed in compliance with Qatar's regulatory framework, including requirements from the Qatar Financial Markets Authority and Qatar Financial Centre Regulatory Authority. This document is essential when planning an audit engagement, as it helps identify and assess risks of material misstatement at both the financial statement and assertion levels. It includes detailed evaluation of the entity's internal control environment, business processes, IT systems, and compliance with local regulations. The assessment must consider Qatar's specific business environment, including cultural factors, economic conditions, and industry-specific requirements. The document guides audit teams in allocating resources effectively and determining appropriate audit procedures based on identified risks.
