According to IIA guidance, which of the following statements is true regarding engagement planning?

Question

Options

• AFor both assurance and consulting engagements, planning typically occurs after the engagement
• BThe expectations and objectives of an assurance engagement are usually determined by, or in
• CInternal auditors may not need to complete a preliminary risk assessment for a consulting
• DFor both consulting and assurance engagements, internal auditors usually form the engagement

• A
  4% (2)
• B
  12% (6)
• C
  77% (40)
• D
  8% (4)

Explanation

According to IIA guidance, internal auditors are typically required to conduct a preliminary risk assessment when planning an assurance engagement to identify key areas of focus. However, for consulting engagements, the need for a preliminary risk assessment is not as stringent, as these engagements are often more flexible and driven by the specific needs of the client. Consulting engagements may not follow the same structured approach as assurance engagements, and the scope may evolve based on the client's requirements.

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