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Question 347 - IIA-CIA-Part2 discussion

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The chief audit executive (CAE) determined that the internal audit activity lacks the resources needed to complete the internal audit plan Which of the following would be the most appropriate action tor the CAE to take?

A.
Use guest auditors from within the organization, and leverage their experience by assigning them to lead engagements m areas where they previously worked
Answers
A.
Use guest auditors from within the organization, and leverage their experience by assigning them to lead engagements m areas where they previously worked
B.
Outsource some of the audits to the organization s external auditor who is already familiar with the organization
Answers
B.
Outsource some of the audits to the organization s external auditor who is already familiar with the organization
C.
Invite nonauditors to join the internal audit activity for a two-year rotational position, and assign them to join audit teams that are reviewing areas where they have no previous management responsibility
Answers
C.
Invite nonauditors to join the internal audit activity for a two-year rotational position, and assign them to join audit teams that are reviewing areas where they have no previous management responsibility
D.
Recruit recent college graduates and employ them as audit interns with an aim to offer permanent employment
Answers
D.
Recruit recent college graduates and employ them as audit interns with an aim to offer permanent employment
Suggested answer: B

Explanation:

When the internal audit activity lacks the necessary resources to complete the audit plan, the most appropriate action for the CAE is to ensure that the audit plan is still executed effectively and efficiently. Outsourcing some of the audits to the organization's external auditor, who is already familiar with the organization, can help mitigate resource constraints. This approach leverages the external auditor's knowledge of the organization, ensuring continuity and quality in the audit process, while allowing the internal audit function to meet its obligations and deadlines.

Reference: IIA Standard 2030: Resource Management IIA Practice Guide: Coordinating Internal Audit and External Audit

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asked 18/09/2024
Tanya Resto
40 questions
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