What should an IS auditor ensure by conducting a risk assessment in a risk-based audit strategy?

In a risk-based audit strategy, the primary objective of conducting a risk assessment is to identify vulnerabilities and threats that could impact the organization’s information systems. By systematically evaluating these aspects, the IS auditor gains a comprehensive understanding of areas where the organization may be exposed to risk. This identification process is crucial because it informs the auditor about where to focus their efforts, thus ensuring that the audit addresses the most significant risks that the organization faces.

Recognizing vulnerabilities allows auditors to assess the potential impact of various threats, ensuring that audit resources are allocated effectively. The insights gained from this assessment will help in formulating audit plans that prioritize high-risk areas, thereby enhancing the overall effectiveness of the audit process. Additionally, by understanding the specific threats and vulnerabilities, the auditor can later evaluate whether adequate controls are in place to mitigate identified risks, but that is a separate step following the risk assessment itself.