| Objective |
Provides risk-based and objective assurance based on UK Internal Audit's (UKIA) Work Prioritization plan approved by the Audit and Compliance Committee |
Overall evaluation of a unit or processes and associated technology to document practices from a risk standpoint |
| Scope |
Typically broader due to the focus on identifying key process risks |
Based on high-risk processes rated by impact and likelihood as well as internal expertise and resources |
| Frequency |
On an as-needed basis due to management change, industry trends or other events |
Performed according to UKIA's Work Prioritization plan |
| Complexity |
Can vary from simple to intricate |
More complex due to data sources, policies and documentation |
| Duration |
Usually short but may be prolonged based on the components of the unit or process |
Determined by the scope, prioritizing high-risk items |
| Outcomes |
Identification of key risk areas, which informs UKIA's Work Prioritization plan according to risk impact and likelihood |
Detailed reports comprising observations based on risks and associated recommendations for remediation |