Risk assessment is the component of the entity’s internal control that involves identifying and analyzing risks internally and externally. Risk assessment is relevant to achieving business objectives as well as objectives related to the preparation of reliable financial statements. This excel-based template provides a number of COSO elements and the related control objectives for entity level controls. Within the questionnaire you can document items such as whether the control exists; whether it was designed properly; related test procedures; and management’s action plan for deficiencies. The Entity-Wide Objectives and Manage Change sections have been updated in this questionnaire.