Choose a company that interests you and access their most current financial statements, MD&A and SEC filings. Using this information and any additional information you can gather about the industry, economy, and regulatory environment the company operates in complete a Risk Assessment for the company’s audit.
You should have multiple risks in each area. Risk areas may include competition, economic, industry, regulatory, environment, etc.
At a minimum, your risk assessments should include the following:

Risk description
Estimated impact (low med high) based on materiality
Estimated likelihood (low med high)

Use an Excel table to present your risk assessment. This workbook will then become your audit working papers.