An engineer needs to first create a custom audit event and then set up an...

The solution provided is incomplete. To create a custom audit event and set up an associated report, the process involves several steps, including defining the custom audit event in the Audit Configuration object, updating or creating relevant audit triggers in the system, and defining the custom report using XML or the IdentityIQ report editor. The steps mentioned in the solution do not cover the necessary configuration and implementation details required for this task. For a complete process, consult the SailPoint IdentityIQ Reporting Guide and the Audit Framework documentation.