Audits entities have limited resources and should ensure that their multi-year performance audit plan is effective, will address the key risks that could hinder the government’s ability to achieve its objectives and will lead to improved public administration. Audit entities can take a number of factors into account when they select audit topics for inclusion in their audit plans. This paper discusses and provides a brief overview of some examples and better practices for using risk assessment in multi-year performance audit planning—aligned with the following steps: Establishing a clear purpose and objectives; Defining the audit universe; Identifying and assessing risk in the audit universe; Creating a multi-year performance audit plan.
