Which of the following is the first step in the risk-based audit approach?
A) Identify the control procedures that should be in place.
B) Evaluate the control procedures.
C) Determine the threats facing the AIS.
D) Evaluate weaknesses to determine their effect on the audit procedures.

Question

Quizplus · Accepted Answer

The first step in the risk-based approach is to identify the threats facing the AIS, which includes assessing the likelihood and potential impact of various risks. This allows the auditor to prioritize their focus and resources on the areas of highest risk. Options A, B, and D come after the initial identification of risks in the audit process.

Which of the Following Is the First Step in the Risk-Based