An internal audit activity plans its engagements based on an organization-wide risk assessment. According to IIA guidance, which of the following statements is true regarding the required frequency…

The correct answer is D. There is no specific requirement; a risk assessment should be performed as needed to account for. According to IIA guidance, there is no specific frequency mandated for conducting organization- wide risk assessments. Instead, the internal audit activity should perform risk assessments as necessary to reflect significant changes in the organization's business environment…

Managing the Internal Audit Activity

Question

An internal audit activity plans its engagements based on an organization-wide risk assessment. According to IIA guidance, which of the following statements is true regarding the required frequency of the risk assessment?

Options

AThe risk assessment must be performed at least quarterly.
BThe risk assessment must be performed at least annually.
CThe risk assessment must be performed at least once every five years, in alignment with the
DThere is no specific requirement; a risk assessment should be performed as needed to account for

How the community answered

(59 responses)

A
2% (1)
B
5% (3)
C
7% (4)
D
86% (51)

Explanation

According to IIA guidance, there is no specific frequency mandated for conducting organization- wide risk assessments. Instead, the internal audit activity should perform risk assessments as necessary to reflect significant changes in the organization's business environment, risk profile, and operations. This flexibility allows the internal audit activity to remain responsive and relevant in a dynamic risk landscape.

Topics

#risk assessment frequency#audit planning#IIA Standards#engagement scheduling

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