Final answer:
The internal audit team should take actions such as designing control activities, maintaining communication with management, and establishing monitoring activities in response to the risk assessment process.
Step-by-step explanation:
As part of the risk assessment process, an internal audit team must take several appropriate actions to manage identified risks effectively. An appropriate response would involve designing and implementing control activities specifically tailored to mitigate the identified risks. Moreover, the internal audit should ensure communication is maintained with management and the audit committee regarding risk assessment findings and how they are being addressed.
Additionally, establishing monitoring activities to continuously assess the effectiveness of these controls over time is crucial. Such monitoring could involve regular audit follow-ups or the integration of control assessments into the routine activities of the organization. Lastly, if significant changes occur in the business environment or operations, the internal audit team should take part in updating the risk assessment to reflect these changes and adapt control strategies accordingly.