What is the primary reason to perform a risk assessment in the planning phase of an IS audit?

Performing a risk assessment in the planning phase of an IS audit primarily serves the purpose of providing reasonable assurance that material items will be addressed. This process involves identifying potential risks that could impact the integrity, confidentiality, and availability of information systems. By evaluating these risks, auditors can prioritize their focus on the most significant areas that may pose a threat to the organization’s objectives. This prioritization ensures that the audit efforts concentrate on high-risk areas that are most likely to result in material misstatements or compliance issues.

The risk assessment also helps in the development of an effective audit strategy. It informs the audit team about where to allocate their resources, enabling them to address areas impacting the organization's business objectives comprehensively. This systematic approach not only supports the audit's efficiency but also enhances the overall effectiveness of the audit process by ensuring that the most critical concerns are proactively managed. Overall, the primary objective is to safeguard the organization against significant risks that could lead to substantial losses, thereby reinforcing the audit's role in organizational governance and accountability.