Which step should be prioritized for an effective internal audit process?
Understand the Problem
The question is asking to identify which step is most important to prioritize in order to have an effective internal audit process. This requires an analysis of different options provided and determining their significance in the auditing process.
Answer
Perform a risk assessment.
The final answer is to perform a risk assessment.
Answer for screen readers
The final answer is to perform a risk assessment.
More Information
Performing a risk assessment is crucial as it helps to identify and prioritize the areas that need auditing by assessing their potential impact.
Tips
Common mistakes include not updating the risk assessment regularly or failing to involve relevant stakeholders in the process.
Sources
- Internal Audit 101: Everything You Need to Know | AuditBoard - auditboard.com
- Step-by-Step Internal Audit Checklist | AuditBoard - auditboard.com
- 7 strategies for effective internal audit management - diligent.com
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