Which of the following is a requirement for engagement planning?

Engagement planning is a critical phase in the internal audit process, and one of its primary requirements is timing. Understanding the timing of the engagement is essential for all phases of the audit, from preparation to execution and reporting. It allows auditors to align their resources effectively, set appropriate deadlines, and ensure that feedback loops are established to facilitate communication with stakeholders. Adequate timing helps in scheduling activities, ensuring team availability, and coordinating with client operations to minimize disruption.

The other aspects, such as budget approval, client consent, and team composition, while important for the overall engagement, are not intrinsic requirements of the engagement planning stage. Timing, specifically, dictates much of how the audit will unfold, impacting when resources are deployed and how efficiently the audit can be executed.