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

The correct answer is C. The organization's annual risk management strategy. 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…

Managing the Internal Audit Activity

Question

Options

AWhether an audit is explicitly required by the internal audit charter
BThe extent to which the work to be performed is an assurance or consulting engagement
CThe organization's annual risk management strategy
DRisks that are identified by operations staff or senior management

How the community answered

(33 responses)

A
3% (1)
C
94% (31)
D
3% (1)

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.

Topics

#annual audit plan#risk-based planning#risk management strategy#CAE responsibilities

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