Aligning the to the organization\'s objectives links the entire audit process to

Question

Aligning the                                                                        to the organization's objectives links the entire audit process to business objectives and risks. To effectively allocate audit resources, audit departments should develop an                                                                        that takes into consideration the full audit universe and the risks associated with each universe item, including any departmental resource constraints.

Audit schedule; audit plan

Risk assessment; audit schedule

Audit universe; audit plan

Audit plan; audit budget

Explanation / Answer

Aligning the audit universe to the organization's objectives links the entire audit process to business objectives and risks. To effectively allocate audit resources, audit departments should develop an audit plan that takes into consideration the full audit universe and the risks associated with each universe item, including any departmental resource constraints.

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