As risk evolves in many industries, we are beginning to see why risk assessments are becoming crucial to the audit function. Here are some of the reasons. 1. Risk Identification: Using the correct techniques during a risk assessment, an auditor can identify the starting point of an audit by recognizing the threats that are most important and affect the auditing process. 2. Audit Planning: By understanding the risks that need the most attention, an auditor can create a clear plan for managing the risks. Just think of it as a unit having intelligence before they conduct a mission. This allows them to know what can potentially be a risk to their success. 3. Efficiency: If a risk assessment is conducted in a clear manner, this inherently means that, by default, there will be better efficiency during the audit process. According to (Chaurasia, 2023) "Organizations that practice effective risk assessment report a 15% reduction in audit time". 4. Internal Controls: Using the risk assessment, an auditor can gauge the effectiveness or weakness of internal controls. And can recommend improvements for mitigation. 5. Organizational Goals: Finally, a comprehensive risk assessment can help an organization understand the risks to its overall goals, and