In an audit strategy, the first step is to identify ________ risks during the ________ phase.
A)inherent; risk assessment
B)detection; risk response
C)significant; reporting
D)control; risk response

Question

Quizplus · Accepted Answer

The first step in an audit strategy is to identify inherent risks during the risk assessment phase. This allows the auditor to identify potential risks and plan their audit approach accordingly. The other answer choices are not the first step in the audit strategy process.

In an Audit Strategy, the First Step Is to Identify