Quiz 5 – Announcement and Prep

This week’s short quiz is based on Standards/Guidelines 1201/2201 Engagement Planning and 1206/2206 Using the Work of Other Experts.

There’s an old adage attributed to Benjamin Franklin that states “If you fail to plan, you plan to fail.” That is certainly true to audit planning. The whole purpose of taking the time to plan an audit engagement, regardless of whether it is an internal or external audit, is to make sure you make the best use of the resources available to complete the engagement. That is, you achieve the objectives of the audit, within the scope, budget and timeline required, and produce the expected deliverables.

Preparing for an engagement involves getting acquainted with the activity that you will be auditing, including business processes, best practices, benchmarks and government regulations. Obtaining a good understanding of the impact of threats and vulnerabilities (i.e. risks) is always a good starting point for planning.

We can rely on the work of other experts in areas where we lack the resources, knowledge or experience to complete our task. However, we must ensure the reliability of their work before we can use it to form our opinion.

Quiz 5 will be available first thing Saturday morning. You will have until Monday @ 11:59 to complete the quiz.

Best of luck.