Creating An Audit Plan - Day 2 Sapa Conference Fy 13

The correct answer is "All of the above". Based on the presentation, all the items listed - Process understanding, Risk Identification, Risk Prioritization, Risk-Control Matching, and Audit Program Development - are phases or steps in audit engagement planning.

During strategic planning, auditors play a crucial role in gaining a comprehensive understanding of the overall business of the organization. This involves analyzing the organization's goals, objectives, and strategies, as well as its internal and external environment. By understanding the business, auditors can effectively assess risks, identify areas for improvement, and provide valuable insights to management. Therefore, the statement "the auditor is concerned with understanding the overall business of the organization" is true.

The correct answer is d. All of the above. In engagement planning, the steps in process risk assessment include identifying the risks, prioritizing them, and mapping out controls to mitigate the risks. This means that all three options, risk identification, risk prioritization, and risk-control mapping, are part of the process risk assessment in engagement planning.

The correct answer is "All of the above". In the presentation, it was mentioned that the phases or steps to developing a Strategic Internal Audit Plan include business analysis, risk identification, risk analysis, validation, and audit planning. Therefore, all of the items listed are the correct phases or steps.

The correct answer is "None of the above" because none of the provided Practice Advisories (PA 2120 - 2, PA 2200 - 2, PA 2010 - 2) specifically provide guidance on audit coverage of risks.