Audit Risk
What is Audit Risk?
The risk that an auditor expresses an inappropriate opinion when the subject matter is materially misstated. Audit risk comprises inherent risk, control risk, and detection risk.
Terms that appear alongside audit risk
Each of these is named in at least one of the same controls as audit risk. The number is how many controls name both.
- audit 8 shared controls
- compliance 6 shared controls
- risk assessment 4 shared controls
- internal audit 3 shared controls
- policy 2 shared controls
- cybersecurity 2 shared controls
- due diligence 2 shared controls
- encryption 2 shared controls
Frameworks that govern audit risk
What the standards actually require on audit risk
Requirements naming audit risk across 6 standards, quoted from the control text.
The CISO regularly reports directly to their organisation's audit, risk and compliance committee (or equivalent) on cyber security matters.
ISM-1918 · The CISO regularly reports directly to their organisation's audit, risk and compliance com →Section 8 of KOSA mandates annual independent audits of covered platforms by qualified third-party auditors. (1) Section 8(a) Annual Independent Audit: (a) Covered platform must commission annual third-party audit;
KOSA-Independent-Audit-Section8-Annual-Third-Party-FTC-Approved-Auditor-Compliance-Verification-Public-Summary · KOSA Independent Audit + Section 8 + Annual + Third-Party + FTC-Approved Auditor + Compliance Verification + Public Summary + Multi-Layer Audit + Risk Assessment Verification + Safeguard Effectiveness + Algorithmic System Audit →34 CFR 99.31(a)(6)(iii)(D) safeguards requirement + the PTAC Best Practices Guidance + SPPO Guidance. The 2011 final rule explicitly requires APPROPRIATE METHODS to PROTECT PII when disclosed under the studies + audit + evaluation exceptions.
FERPA-Safeguards-PTAC · Data Security Safeguards for PII in Education Records (PTAC Best Practices, SPPO Guidance) →HITECH 2024-2025 regulatory pipeline + sectoral application. KEY 2024-2025 INITIATIVES: (a) HIPAA SECURITY RULE NPRM (Notice of Proposed Rulemaking) issued by HHS OCR 27 December 2024 (89 FR 105672) proposing the FIRST MAJOR HIPAA Security Rule modernisation s...
HITECH-2024-2025-NPRM-ReproductiveHealth-Sectoral · HITECH 2024-2025 Pipeline - HIPAA Security Rule NPRM (Dec 2024), Reproductive Health, OCR Audits, Sectoral Application →Section 3 establishes continual improvement of process performance and product quality. Section 3.1 Process Performance and Product Quality Monitoring: monitor and trend process performance (process capability Cp + Cpk + process performance Pp + Ppk) + product...
ICH-Q10-Section3-ContinualImprovement-ProcessPerformance-CAPA-ChangeMgmt-MgmtReview · ICH Q10 Section 3 - Continual Improvement + Process Performance and Product Quality Monitoring + CAPA + Change Management + Management Review →Implement governance + organisational + compliance + outsourcing requirements under MiFID II Articles 8-13 + Article 16 + Article 22.
MiFID-II-Governance-Management-Body-Articles-8-13-Organisation-16-Compliance-Article-22-Outsourcing · MiFID II Governance + Management Body + Articles 8-13 + Organisation + Article 16 + Compliance + Article 22 + Outsourcing →Questions people ask about audit risk
What is Audit Risk?
Why is Audit Risk important for compliance?
Which compliance frameworks address Audit Risk?
Where can I learn more about Audit Risk?
See how Audit Risk applies across compliance frameworks
Our platform maps 686 frameworks with 311K cross-framework control mappings. Explore how this concept is addressed across standards.