Which of the Following Audit Planning Activities Adds the Least

question 164

Multiple Choice

Which of the following audit planning activities adds the least value in understanding the current risk exposures facing the corporation?

• A) Review of organizational strategic plans and operational plans.
• B) Consultation with senior management and the audit committee.
• C) Review of the external auditor's risk assessment.
• D) Review of corporate performance reporting and benchmarking.

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Definitions:

Entrepreneurship

The act of creating, launching, and managing a new business venture, often characterized by innovation and risk-taking.

Method

A systematic way of doing something, often involving a series of steps or actions to achieve a desired result.

Practice

The repeated exercise or application of an activity, skill, or concept to acquire or maintain proficiency in it.

Collaboration

The process of working together with one or more individuals or organizations to achieve a common goal.