DISCUSSION QUESTIONS 1. Why is it so important to "begin with the end in mind" when planning an assurance engagement? 2. COSO defines business objectives as "those measurable steps the organization takes to achieve its strategy." With this definition in mind, how can an administrative, task-oriented process have strategic objectives? 3. Management tends to focus on residual risk instead of inherent risk. Why do you think this is so? Why should internal auditors consider both inherent risk and residual risk when planning an assurance engagement? 4. If the internal auditor fails to identify all key process-level risks, what impact might that have on the overall assurance engagement? If the internal auditor determines that certain process- level risks are key when in fact they are not, what impact might that have on the overall assurance engagement? 5. Besides financial reporting impact, what other types of risk outcomes should be considered when assessing the impact of risks