According to the IIA Standards and audit planning methodology:
Step 1 – Identify the objectives of the process/project being audited.
This helps the auditor understand what the process is trying to achieve, which is critical to identifying related risks and controls.
Step 2 – Identify risks that could prevent the achievement of those objectives (inherent risks).
Step 3 – Identify controls and risk responses in place to mitigate those risks.
Step 4 – Evaluate the adequacy and effectiveness of those controls.
The preliminary risk assessment helps the auditor identify the most critical areas of the process or project, which then shapes the engagement's objectives. This process ensures that the audit will focus on areas that present the highest potential risk to the organization.
A voting comment increases the vote count for the chosen answer by one.
Upvoting a comment with a selected answer will also increase the vote count towards that answer by one.
So if you see a comment that you already agree with, you can upvote it instead of posting a new comment.
Kozy
1 week agoAUD.ASHRAF.G
7 months, 1 week agoAUD.ASHRAF.G
7 months, 2 weeks agoElvoo
9 months, 2 weeks agoemtofid
10 months, 1 week ago