Which of the following actions should an internal auditor take to exercise due professional care?
1. Consider the probability of significant noncompliance in each audit engagement.
2. Weigh the cost of assurance against the benefits.
3. Perform assurance procedures with sufficient care to ensure that all risks are identified.
An internal auditor should exercise due professional care by considering the probability of significant noncompliance in each audit engagement and weighing the cost of assurance against the benefits. However, performing assurance procedures with sufficient care to ensure that all risks are identified is not feasible as not all risks can realistically be identified; instead, the focus should be on identifying significant risks. Due professional care emphasizes balancing thoroughness with efficiency.
maybe because the word sufficient care used instead of reasonable care?
Why not 3?
no need for all risks to be identified, just significant ones