Audit Risk Assessment Categories

We are reviewing our current process for the annual audit risk assessment that we use to develop the audit plan.  We currently weight the following categories evenly: Value at Risk; Maturity of Operations, Changes in Environment, Complexity, Fraud/Loss Risk, Regulatory Risk, Management Focus, Training/Experience, Time Since Last Audit, Results of Last Audit.  Our Audit Committee feels several of the categories overlap and there should be more weight on the value.

What categories do you use for your risk assessment? Are they weighted evenly?

Thanks.