An internal auditor was assigned to a payroll process audit engagement. At which stage of engagement planning would the auditor conduct a risk assessment?

Comprehensive and Detailed Step-by-Step Explanation: Risk Assessment in Planning: Conducting a risk assessment typically follows documentation of the process, as understanding the process provides the necessary context for identifying and evaluating risks.
Reference: IIA Standard 2210: Engagement Objectives highlights the importance of risk assessment in defining engagement objectives. Other Options:
Option A: Resource allocation happens after risk assessment determines the scope and focus of the engagement.
Option B: Determining objectives usually occurs after assessing risks. Thus, the correct answer is C.