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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 363 - IIA-CIA-Part2 discussion

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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?

A.
Complete the risk assessment independently to prevent conflicts of interest with the function being reviewed.
Answers
A.
Complete the risk assessment independently to prevent conflicts of interest with the function being reviewed.
B.
Work with external auditors to ensure that the risk assessment includes items reflected on the independent auditor's report.
Answers
B.
Work with external auditors to ensure that the risk assessment includes items reflected on the independent auditor's report.
C.
Work with management of the function being reviewed, as management would be most familiar with the business objectives and related risks.
Answers
C.
Work with management of the function being reviewed, as management would be most familiar with the business objectives and related risks.
D.
Consult with the compliance department, which typically has a more comprehensive view of the organization.
Answers
D.
Consult with the compliance department, which typically has a more comprehensive view of the organization.
Suggested answer: C

Explanation:

When preparing a detailed risk assessment during engagement planning, the internal auditor should collaborate with the management of the function being reviewed. Management has the most in-depth knowledge of their business objectives, processes, and the associated risks. This cooperation ensures that the risk assessment is comprehensive, accurate, and relevant to the specific context of the function under review. It also helps in identifying any potential areas of concern that might not be evident to external parties.

IIA Standard 2201: 'Planning Considerations'

IIA Practice Guide: 'Assessing the Adequacy of Risk Management Processes'

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asked 18/09/2024
DAVID STAATZ
40 questions
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