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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Which of the following is an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?

Question 320 - IIA-CIA-Part2 discussion

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Which of the following factors would be the most critical in determining which engagements should be included in the annual internal audit plan?

A.
Whether an audit is explicitly required by the internal audit charter
Answers
A.
Whether an audit is explicitly required by the internal audit charter
B.
The extent to which the work to be performed is an assurance or consulting engagement
Answers
B.
The extent to which the work to be performed is an assurance or consulting engagement
C.
The organization's annual risk management strategy
Answers
C.
The organization's annual risk management strategy
D.
Risks that are identified by operations staff or senior management
Answers
D.
Risks that are identified by operations staff or senior management
Suggested answer: C

Explanation:

The most critical factor in determining which engagements should be included in the annual internal audit plan is the organization's annual risk management strategy. This strategy identifies the key risks facing the organization and ensures that the internal audit plan aligns with the areas of highest risk. This prioritization helps ensure that internal audit resources are focused on areas that could have the most significant impact on the organization.

Reference:

'Internal Auditing: Assurance & Advisory Services' (The Institute of Internal Auditors)

'Risk-Based Internal Auditing' (IIA Practice Guide)

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asked 18/09/2024
Christopher Harden
46 questions
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