According to IIA guidance, which of the following is most important for the internal audit activity to evaluate regarding management’s remediation plans to address audit findings?
A.
Whether the adequacy of remediation plans is sufficient to address the risk.
B.
Whether the timeliness of remediation plans is reasonable considering business unit priorities.
C.
Whether the costs associated with remediation plans outweigh the risk impact.
D.
Whether the parties responsible for remediation have adequate competencies to execute the actions.
While cost-effectiveness is important, the adequacy of the remediation plan to reduce risk should be prioritized over cost considerations. The risk of not addressing the issue sufficiently could have much greater consequences than the cost of remediation.
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