White planning an audit engagement of a procurement card activity. which of the following actions should an internal auditor take to denary relevant risks and controls?
A.
Compare card transaction types against procurement card policy guidelines.
B.
Develop the scope and objectives of the engagement
C.
Determine how many cardholders exceeded their daily limit.
D.
Meet with the procurement card program administrator
Meeting with the procurement card program administrator is a crucial step in identifying relevant risks and controls. This individual can provide detailed insights into how the procurement card program operates, potential risks, existing controls, and any issues or areas of concern. This information is vital for developing a comprehensive understanding of the program and for planning the audit engagement effectively. Actions like comparing card transaction types against policy guidelines, determining cardholder limit exceedances, and developing scope and objectives are important but are typically undertaken after initial risk and control identification.References:
The Institute of Internal Auditors (IIA) - Practice Guide: Engagement Planning
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