IIA-CIA-PART2 · Question #420
Which phase of an audit engagement is typically the most effective time for an internal auditor to develop a risk and control matrix?
The correct answer is D. At planning, to assist in developing the engagement work program. The most effective time for an internal auditor to develop a risk and control matrix is during the planning phase of an audit engagement. This matrix helps in identifying the key risks and the controls in place to mitigate those risks, which is crucial for developing a focused…
Question
Which phase of an audit engagement is typically the most effective time for an internal auditor to develop a risk and control matrix?
Options
- AWhen preparing to recap audit test results.
- BAt sample selection, to determine sampling methodology.
- CAt the start of fieldwork, as part of developing the annual audit plan.
- DAt planning, to assist in developing the engagement work program.
How the community answered
(34 responses)- A3% (1)
- B6% (2)
- D91% (31)
Explanation
The most effective time for an internal auditor to develop a risk and control matrix is during the planning phase of an audit engagement. This matrix helps in identifying the key risks and the controls in place to mitigate those risks, which is crucial for developing a focused and effective engagement work program.
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