Final answer:
The lack of an organizational policy related to information asset protection is of most concern to an IS auditor, as this represents a fundamental component of corporate governance. The board of directors, auditing firms, and large shareholders all play pivotal roles in governance, and without robust information security, the company is vulnerable to risks.
Step-by-step explanation:
An IS auditor reviewing an organization's governance model would most likely be concerned with all the mentioned issues, as they form critical aspects of a strong corporate governance framework. However, among the options provided, the absence of an organizational policy related to information asset protection should be of most concern. The reasoning behind this priority is that such a policy serves as a foundation for the protection of valuable information assets and whereas the other issues are also significant, they are generally secondary to the overarching need for a comprehensive information security policy.
The board of directors, as the foremost line of corporate governance, is responsible for overseeing executive decision-making and ensuring sound governance practices. When an auditing firm reviews a company's financial records, it contributes to the governance by validating the financial integrity of the organization. Investors, particularly large shareholders, rely on this information for making informed decisions. Thus, the absence of a policy that outlines the protection of crucial information could leave an organization vulnerable to a multitude of risks and fail to comply with best practices in governance as highlighted by the failure in the case of Lehman Brothers.