According to IIA guidance, which of the following is the key planning step internal auditors should perform to establish appropriate engagement objectives prior to starting an audit engagement?
A.
Review the organizational structure, management roles and responsibilities, and operating procedures.
B.
Evaluate management ' s risk assessment and the internal audit activity ' s risk assessment.
C.
Assess process flow and control documents used to meet regulatory requirements.
D.
Review meeting notes from discussions involving management of the area to be reviewed.
Evaluating management ' s risk assessment and the internal audit activity’s risk assessment ensures that audit objectives align with organizational risks and priorities. This step is crucial for identifying high-risk areas and designing a focused audit approach.
Reviewing organizational structure, roles, and procedures (A) is important but does not directly establish engagement objectives.
Assessing process flow and control documents (C) is useful for control evaluation but not the primary planning step.
Reviewing meeting notes (D) may provide background information but is not the key step in establishing engagement objectives.
[Reference:IIA’s Standard 2200 – Engagement Planning and Practice Guide: Engagement Planning: Establishing Objectives and Scope., , ]
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