As the results of our 2016 global technology study indicate, audit leaders from around the globe are seeking to fine-tune their risk assessment and audit planning activities to better address the dynamic nature of their rapidly changing risk environments. To support these enhancement efforts, the 2016 TeamMate Global Audit Technology Survey focused on the key processes underlying these activities. Our intent was to compile useful data on both current and anticipated practices in three related and interdependent audit processes — risk assessment, audit planning, and reporting on these activities to management and the audit committee. We also sought to develop a source of data and research from which audit leaders around the world can compare their risk assessment and audit planning activities to those of the entire universe of 2016 TeamMate Global Audit Technology Survey respondents.
Leveraging insights gained from our 2016 survey findings and the additional insights provided by leading auditors, we developed 10 recommendations for audit leaders to consider in exploring ways to strengthen or refine their risk assessment and planning activities.