IIA Exam IIA-ACCA Topic 7 Question 81 Discussion

Actual exam question for IIA's IIA-ACCA exam

Question #: 81
Topic #: 7

A chief audit executive (CAE) is selecting an internal audit team to perform an audit engagement that requires a high level of knowledge in the areas of finance, investment portfolio management, and taxation. If neither the CAE nor the existing internal audit staff possess the required knowledge, which of the following actions should the CAE take?

APostpone the audit until the CAE hires internal audit staff with the required knowledge.

BAsk the audit committee to decide the course of action.

CSelect the most experienced auditors in the department to perform the engagement.

DHire consultants who possess the required knowledge to perform the engagement.

Show Suggested Answer

Suggested Answer: B

by Eve at Jul 10, 2024, 11:09 AM

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Cyril

7 days ago

But wouldn't it be better to select the most experienced auditors in the department instead of hiring consultants?

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Ashlee

7 days ago

I think hiring consultants who possess the required knowledge is the best course of action. The audit needs to be performed, and the existing team doesn't have the necessary expertise.

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Carissa

14 days ago

I agree, hiring consultants seems like the best option in this situation.

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Aide

15 days ago

I think the CAE should hire consultants with the required knowledge.

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