What is the FIRST step before creating a risk ranking for an IS audit plan?

Defining the audit universe is a fundamental first step in the process of creating a risk ranking for an information systems (IS) audit plan because it establishes the scope of the audit. The audit universe comprises all systems, processes, and activities that could be subject to audit. By clearly identifying the audit universe, auditors can ensure they are aware of all areas that may have risks needing assessment.

Once the audit universe is defined, auditors can then move on to identifying and prioritizing risks within that universe, ensuring their focus is directed towards the most significant areas. This foundational step is critical; without it, the subsequent steps—like identifying critical controls or determining a testing approach—would lack the necessary context and may lead to incomplete or ineffective risk assessments.

In essence, defining the audit universe sets the stage for a systematic approach to risk assessment and management within the audit plan.