General Purpose and Scope of Engagement: To establish a risk-based audit plan process to determine the priorities of the internal audit activity, consistent with the company’s goals. A risk-based audit plan ensures that audit activities are effectively focused on those areas where risks or materiality of exposure is greatest. Therefore, audit planning should be based on an assessment of risks and exposures that may affect the company, and should be done annually in order to reflect the most current strategies and direction of the organization. Risk assessments should include input from management and the board.
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