Inadequate risk assessment would have the strongest negative impact in which of the following phases of an audit engagement?

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In addition to the internal auditor, which of the following parties should be present at an exit or closing conference?
Audit committee members.
The external auditor.
The management responsible for the areas covered by the engagement.
The chief executive officer.

A key to effective benchmarking in a consulting engagement is identifying the issues that can be:

While conducting an audit of a third party's Web-based payment processor, an internal auditor discovers that a programming error allows customers to create multiple accounts for a single mailing address. Management agrees to correct the program and notify customers with multiple accounts that the accounts will be consolidated. Which of the following actions should the auditor take?
1. Schedule a follow-up review to verify that the program was corrected and the accounts were consolidated.
2. Evaluate the adequacy and effectiveness of the corrective action proposed by management.
3. Amend the scope of the subsequent audit to verify that the program was corrected and that accounts were consolidated.
4. Submit management's plan of action to the external auditors for additional review.

An internal auditor is assessing the organization's risk management framework. Which of the following formulas should he use to calculate the residual risk?

A)

B)

C)

D)