The focus in an internal audit should be primarily on business risk rather than on internal control.

Question

Quizplus · Accepted Answer

Internal audit should focus on identifying and assessing business risks and their potential impact on the organization's objectives rather than solely on evaluating the effectiveness of internal controls. While internal controls play a significant role in managing risks, they are just one aspect of a comprehensive risk management program. Internal audit should help the organization prioritize and manage risks by providing insights and recommendations on improving risk management processes and controls.

The Focus in an Internal Audit Should Be Primarily on Business