Question

An IS audit manager is developing the annual audit plan for a large financial institution with limited audit staff. The audit universe contains 45 auditable entities. Which approach should the manager use FIRST to determine how audit resources will be allocated across these entities?

Accepted Answer

Assess and rank each auditable entity based on its inherent risk and materiality to the organization

Answer

Schedule audits so that every auditable entity is reviewed at least once during the year

Answer

Prioritize the entities that management has specifically requested be audited

Answer

Begin with the entities that were audited most recently to validate prior remediation