Risk assessment step involves identifying and evaluating risks to the organization's assets and operations. It helps auditors prioritize audit activities based on the level of risk, ensuring that resources are allocated to areas of greatest concern. This is fundamental to developing a risk-based audit plan that addresses the most significant risks to the organization.
D. Business Impact Analysis (BIA): This is part of business continuity planning and not specifically a requirement for annual audit planning. It assesses the impact of disruptions on business operations, which is different from the risk assessment used for audit planning.
C. Risk Assessment is correct from my point of view. I understand Business impact analysis as part of Risk Assessment when needed. Also as of now the AI Chatbots GhatGPT, Google's Gemini as well as Microsoft's Copilot indicate C. as the correct answer.
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