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Audit Function and Risk Assessments

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Questions and Answers

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?

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?

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?

The number of projects requiring an independent perspective Signup and view all the answers

What is the purpose of an effective risk assessment planning process?

To be more flexible and efficient in meeting the needs of a changing organization Signup and view all the answers

How can audit areas be evaluated according to the text?

Using weighted scoring mechanism Signup and view all the answers

What is the purpose of identifying vulnerabilities and threat sources according to NIST?

To characterize assets and define vulnerabilities Signup and view all the answers

What does NIST recommend organizations to do as part of a risk assessment process?

Having a process in place to identify or characterize assets Signup and view all the answers

How are IT risks surrounding financial applications commonly identified according to the text?

Using risk analysis questionnaires Signup and view all the answers

What is the cyclical nature of the auditing function according to the text?

It uses historical and current information for risk assessment Signup and view all the answers