Three risks need to be considered when using a risk-based audit approach. They are inherent risk, control risk and detection risk, which are collectively known as audit risk.

Required:

Complete the following statement: During the performance of an internal audit engagement, audit risk can best be described as the risk that the internal auditor ...

An internal auditor found that there was no segregation of duties in the distribution department. The clerk working in the distribution department is responsible for processing orders, organising deliveries and allocating payments. This situation was also included in the final report of the previous engagement performed at the distribution department. 

Required:

Which of the following alternatives indicate the action that should be taken by the internal auditor.

Internal auditors may provide advisory services that add value and improve an organisation's operations. 

Required:

Complete the following statement: The performance of advisory services ...

An information security policy expresses a general commitment, direction or intention by management to safeguard information assets.

Required:

Allocate each of the activities to the correct pillar of the security policy.