The best possible engagement objectives are those derived from a comprehensive risk assessment that incorporates inputs from both senior management and the company's risk function experts. This approach ensures that the internal audit objectives are aligned with the organization's strategic priorities and risk landscape. By combining insights from senior management with the technical expertise of risk function experts, the internal audit activity can develop well-rounded and relevant engagement objectives that address the most significant risks facing the organization.

The Institute of Internal Auditors (IIA) Standard 2010 – Planning: "The chief audit executive must establish risk-based plans to determine the priorities of the internal audit activity, consistent with the organization’s goals."

IIA Practice Guide on "Internal Audit Planning"