I have been doing Google searches for examples or teleplays to download that may offer insight for sketch comedy writing. Is there a specific format that those in the industry follow or is simply the same teleplay/screenplay format used by the rest of the industry?
From what I can tell from some brief research, it is the same format as when writing a script for radio, or television. For example, from this article regarding Comedy Sketch Writing (written by Richard Herring, David Mitchell and Robert Webb):
I started my professional career writing topical sketches for the now defunct Radio 4 show Weekending. I actually pretty much loathed the programme, as it was rather formulaic and rarely biting. Yet I stayed for a year, serving an apprenticeship that taught me many skills: from the mundane business of how to format a script (for this and further advice see bbc.co.uk/writersroom) to technical tricks such as how to avoid clunky exposition
I recommend having a look at the BBC Script Archive for examples of sketch comedy scripts for TV and radio.