Answered: The internal audit risk assessment…

Business

Accounting

The internal audit risk assessment process:

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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Question

The internal audit risk assessment process: [SELECT ALL THAT APPLY]

a) Provides the Internal Audit function with an ability to prioritize risk areas based on objective and subjective evaluation criteria.

b) Should be considered the foundation of the audit function.

c) Leads to the creation of the annual audit plan and audit budget.

d) Should leverage management's enterprise risk management assessment process, if appropriate.

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