Podcast
Questions and Answers
What is the primary purpose of risk assessments in the context of the audit function?
What is the primary purpose of risk assessments in the context of the audit function?
- To improve the quality, quantity, and accessibility of planning data (correct)
- To allocate audit resources to achieve maximum benefits
- To identify potential audit projects in the audit universe
- To keep pace with organization and regulatory changes
Why is it important to focus on the right audits, according to the text?
Why is it important to focus on the right audits, according to the text?
- To provide a framework for allocating audit resources
- To keep pace with organization and regulatory changes
- To examine potential audit projects in the audit universe
- Due to the limited availability of audit resources (correct)
What does the risk assessment approach provide explicit criteria for?
What does the risk assessment approach provide explicit criteria for?
- Evaluating and selecting audits systematically (correct)
- Keeping pace with organization and regulatory changes
- Improving the accessibility of planning data
- Selecting potential audits to be performed first
What does change in today's environment increase, as mentioned in the text?
What does change in today's environment increase, as mentioned in the text?
What is the purpose of an effective risk assessment planning process?
What is the purpose of an effective risk assessment planning process?
How can audit areas be evaluated according to the text?
How can audit areas be evaluated according to the text?
What is the purpose of identifying vulnerabilities and threat sources according to NIST?
What is the purpose of identifying vulnerabilities and threat sources according to NIST?
What does NIST recommend organizations to do as part of a risk assessment process?
What does NIST recommend organizations to do as part of a risk assessment process?
How are IT risks surrounding financial applications commonly identified according to the text?
How are IT risks surrounding financial applications commonly identified according to the text?
What is the cyclical nature of the auditing function according to the text?
What is the cyclical nature of the auditing function according to the text?
