Senior management asks the chief audit executive to review the organization's compliance with recently introduced legislation on international transfer pricing. The review requires an internal auditor who thoroughly understands the legislation and pricing methods. The internal audit activity does not have an auditor with those skills. Which of the following is the most appropriate course of action?

Question

None None · Accepted Answer

Outsource the engagement to an external audit firm that has appropriate skills.

None None · Answer

Recruit a lawyer with knowledge of the legislation to the audit team and ask the new auditor to perform the engagement.

None None · Answer

Decline to perform the engagement, as the internal audit activity does not have the appropriate skill set.

None None · Answer

Carry out the engagement using existing internal audit staff to help them gain the appropriate experience.

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Question 651 - IIA-CIA-Part1 discussion

Suggested answer: A

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