Abstract: An audit system includes a library of controls adapted to mitigate risks. A library of audit procedures is associated with the set of risk controls. Each audit procedure includes one or more actions that evaluate the effectiveness of an associated control. The audit system includes project templates for performing audit procedures associated with risk controls in a project management application. An audit project template can include standard audit procedures, document templates, and standard deliverables needed for an audit of an associated control. The project management application enables collaboration between auditors by providing planning functions, task assignment functions, progress tracking functions, communication functions, and document management functions. The library of audit procedures is included in a hosted audit service.