During the planning stage of an assurance engagement, internal auditors focus on identifying and assessing key risks that may impact the achievement of objectives. The IIA emphasizes that auditors should pay special attention to residual risk, which is:
The risk that remains after management has implemented controls.
Residual risk is what the internal audit function is primarily concerned with, because it reflects the actual exposure the organization faces despite existing controls.
This helps auditors determine where to allocate audit resources and what areas require testing or further evaluation.
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, 1 day ago