2The COSO-based audit approach should not override which of the following?

1. Risk-based approach.
2. Transaction-based
approach.
3. Management-based
approach.
4. Audit committee–based
approach.

Correct A. The COSO-based audit approach should not override the risk-
based audit approach where the latter should receive high priority. Where
there are gaps, the two approaches should be reconciled (IIA Standard
2130—Control).
Incorrect. A transaction-based approach can be overridden.
Incorrect. A management-based approach can be overridden.
Incorrect. The audit committee would not be involved in the detailed audit
approaches.