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Aligning the                               to the organization's strategic objectives links the entire audit process to business objectives and enterprise-wide risks.  To effectively allocate audit resources, audit departments should develop a risk-based                               that takes into consideration the full audit universe and the risks associated with each audit universe item, including any departmental resource constraints. a) audit department; audit strategy  b) risk assessment; audit plan c) audit universe; audit approach  d) audit charter; audit budget

Aligning the                               to the organization's strategic objectives links the entire audit process to business objectives and enterprise-wide risks.  To effectively allocate audit resources, audit departments should develop a risk-based                               that takes into consideration the full audit universe and the risks associated with each audit universe item, including any departmental resource constraints. a) audit department; audit strategy  b) risk assessment; audit plan c) audit universe; audit approach  d) audit charter; audit budget

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Aligning the                               to the organization's strategic objectives links the entire audit process to business objectives and enterprise-wide risks.  To effectively allocate audit resources, audit departments should develop a risk-based                               that takes into consideration the full audit universe and the risks associated with each audit universe item, including any departmental resource constraints.

a) audit department; audit strategy 

b) risk assessment; audit plan

c) audit universe; audit approach 

d) audit charter; audit budget

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