According to the Standards, which of the following is leastimportant in determining the adequacy of an annual audit plan?

The correct answer is D. Cost effectiveness. According to the IIA Standards, the primary factors in determining the adequacy of an annual audit plan include sufficiency, appropriateness, and effective deployment of resources. These elements ensure that the internal audit activity can effectively cover key risk areas…

Managing the Internal Audit Activity

Question

Options

ASufficiency.
BAppropriateness.
CEffective deployment.
DCost effectiveness.

How the community answered

(24 responses)

B
4% (1)
C
8% (2)
D
88% (21)

Explanation

According to the IIA Standards, the primary factors in determining the adequacy of an annual audit plan include sufficiency, appropriateness, and effective deployment of resources. These elements ensure that the internal audit activity can effectively cover key risk areas, provide relevant assurance, and utilize resources efficiently. While cost-effectiveness is important, it is considered less critical compared to ensuring the audit plan is comprehensive and appropriately

Topics

#annual audit plan#planning criteria#resource allocation#Standards

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