Audit Risk Calculator & Compliance Tool | Free Risk Assessment & Red Flag Detection

Audit Risk & Compliance Calculator

A comprehensive tool for risk assessment, red flag detection, and documentation guidance for audit professionals.

Audit Risk Assessment

1. Likelihood of Risk Event

Probability (%)

Low (1%) 30% High (100%)

Description Remote (≤10%) - Event is unlikely to occur Possible (11-40%) - Event might occur occasionally Probable (41-60%) - Event will likely occur Highly Probable (61-90%) - Event is expected to occur Almost Certain (≥91%) - Event is nearly inevitable

2. Impact of Risk Event

Financial Impact ($)

Severity Level Minor - Insignificant financial or operational impact Moderate - Manageable impact with some disruption Major - Significant financial loss or operational disruption Severe - Major financial loss or extended operational downtime Critical - Threat to business viability or regulatory compliance

3. Compliance Framework

4. Risk Description

Unauthorized access to financial systems due to weak access controls and lack of multi-factor authentication.

Red Flag Detection

Select transaction types to analyze for potential red flags:

Payroll Analysis (Net > 80% of Gross)

Unusual Vendor Payments

Financial Ratio Deviations

Frequent Journal Adjustments

Financial Data Input

Gross Payroll ($)

Net Payroll ($)

Current Ratio

Detection Results

Documentation Requirements Guide

Select a high-risk area to view specific documentation requirements:

Revenue Recognition Documentation

For revenue recognition risks, ensure you collect the following evidence:

• Signed contracts for top 10 customers by revenue
• Invoices matched to contract terms and delivery confirmations
• Revenue schedules showing recognition timing per ASC 606/IFRS 15
• Management review and approval of revenue adjustments
• Proof of delivery or service completion documentation

Audit Trail Requirement

Ensure all documentation includes timestamps, reviewer signatures, and references to supporting evidence files.

Assessment Results & Report

Risk Score

0

No Data

Risk Matrix

Calculate risk to see matrix visualization

Recommendations

Complete a risk assessment to get personalized recommendations.

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Dynamic Risk Register

No risks assessed yet.

Complete a risk assessment to populate the register.

Total Risks: 0

High Priority: 0

Documentation Checklist

Risk assessment completed

Red flags documented

Evidence requirements reviewed

Risk owner assigned

Mitigation plan in place

Checklist Progress: 0%

How to Use This Calculator

• Start with the Risk Assessment tab to evaluate audit risks
• Use Red Flag Detection to identify potential issues
• Check Documentation Guide for evidence requirements
• View Results for complete assessment report

Audit Risk & Compliance Calculator v1.0 | Designed for audit professionals and compliance officers

This tool provides risk assessment guidance and is not a substitute for professional audit advice.

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