The first step in a risk-based audit approach is to
A)evaluate the control procedures.
B)determine the threats facing the AIS.
C)identify the control procedures that should be in place.
D)evaluate weaknesses to determine their effect on the audit procedures.

Question

Quizplus · Accepted Answer

The first step in a risk-based audit approach is to determine the threats facing the AIS. This allows the auditor to identify areas of high risk and focus their attention and resources on those areas. Only after assessing the risk can appropriate control procedures be identified and evaluated, and weaknesses be examined to determine their impact on audit procedures.

The First Step in a Risk-Based Audit Approach Is to