Which of the following is least likely to be considered material in an audit of a medium-sized organization?

Which segregation of duties would best reduce the risk of payroll fraud?

According to the International Professional Practices Framework, risk is:
I.Defined as the negative effect of events that are expected to occur.
II.Measured in terms of consequences.
III.Measured in terms of likelihood.

A company has established its environmental audit activity as part of its legal department rather than part of its internal audit activity, which reports to the audit committee. The board has requested that the chief audit executive (CAE) provide an annual opinion on whether environmental risks are being properly addressed. In these circumstances, the CAE should recommend to the audit committee that the internal audit activity:

A chief audit executive used risk assessment to prepare the audit work schedule. Which of the following would be the least appropriate reason to modify the schedule?