When using a risk assessment model to develop audit plans, it is essential that the chief audit executive take into account the:
A) Results of the last audit.
B) Planned visits by the external auditors during the upcoming year.
C) Recent or expected changes in management direction and objectives.
D) Dates of future board meetings.

Question

Quizplus · Accepted Answer

Recent or expected changes in management direction and objectives are crucial for risk assessment as they can significantly impact the organization's risk profile, thus influencing the audit plan.

When Using a Risk Assessment Model to Develop Audit Plans