Does the entity set entitywide objectives and are they supported by strategic plans?

Does the entity have clear objectives in terms of a budget, profit, and other financial and operating goals?

Does the entity have an entity risk assessment process that includes estimating the significance of the risks, assessing the likelihood of their occurring, and determining the actions needed to respond to the risks?

Client Name:

Entity and Environment Category: Entity Performance Measures and Monitoring

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Business Risk Factor

Response (Indicate Source)

Possible Effect(s) on the Audit

What key performance indicators does the entity use to measure performance?

Does the entity benchmark its performance against its industry and major competitors?

Does the entity consider financial analysts' research and earnings reports?

Are there communication channels within the entity for individuals to report suspected improprieties?

Does the entity have an internal audit function?

Does the internal audit function have a charter?

Who does the chief audit executive report to?