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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 245 - IIA-CIA-Part2 discussion

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The chief audit executive of an international organization is planning an audit of the treasury function located at the organization's headquarters. The current internal audit team at headquarters lacks expertise in the area of financial markets which is needed tor the engagement When of the following would be the most approbate solution considering the time constraint?

A.
Outsource the engagement 10 tie organization's external auditor who has expertise in the area of financial markets
Answers
A.
Outsource the engagement 10 tie organization's external auditor who has expertise in the area of financial markets
B.
Hire additional internal auditors who have expertise in the area of financial markets.
Answers
B.
Hire additional internal auditors who have expertise in the area of financial markets.
C.
Invite a guest auditor from one of the organization's affiliates who has expertise m the area of financial markets.
Answers
C.
Invite a guest auditor from one of the organization's affiliates who has expertise m the area of financial markets.
D.
Limit the scope of the engagement to the knowledge and skills possessed by the internal audit team.
Answers
D.
Limit the scope of the engagement to the knowledge and skills possessed by the internal audit team.
Suggested answer: C

Explanation:

Given the time constraint and the need for specialized knowledge in financial markets, inviting a guest auditor from one of the organization's affiliates who has the required expertise is the most appropriate solution. This approach leverages existing internal resources with the necessary skills, which can be more efficient and cost-effective than hiring new staff or outsourcing the engagement. Additionally, it facilitates knowledge sharing and can help build internal audit capacity for future engagements.

Reference:

The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 1210 - Proficiency

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asked 18/09/2024
olanrewaju malomo
31 questions
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