Before auditing a risk assessment process, what should the IS auditor FIRST confirm?

In preparing to audit a risk assessment process, the most critical first step is to confirm that assets have been identified and ranked. This foundational aspect is essential for a comprehensive risk assessment because it establishes a clear understanding of what needs to be protected. By identifying and ranking the assets, the auditor can gain insight into the value and significance of each asset to the organization, as well as the potential impact of any unauthorized access or loss.

Without this initial confirmation of asset identification and ranking, it would be challenging to accurately assess the threats, vulnerabilities, and potential impacts related to those assets. This step guides follow-on activities, such as identifying reasonable threats and analyzing vulnerabilities, as these processes hinge on a well-defined understanding of the assets involved. Thus, confirming the identification and ranking of assets lays the groundwork for a logical and structured approach to the entire risk assessment process.