Even though HRD-related programs and activities carry risks that should be monitored and assessed, there is little literature on how auditing applies to the HRD function; the existing literature on the topic defines HRD auditing in widely different ways. The nature of risk for organizational process is discussed, followed by a review of the current three-part model for auditing drawn from the professional auditing field. After examining prior approaches to defining HRD audits, a risk management approach to HRD auditing is indicated, and eight potential perils that the HRD function may create for its host organization are discussed. Given these perils and a generic auditing approach, a working protocol for auditing the HRD function is proposed. The future research needs for this proposal are noted. (Contains 2 tables.)