IIA-ACCA Exam - 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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Kayleigh

3 months ago

C could work if they have some relevant experience, but not ideal.

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King

4 months ago

Wait, can you really just hire consultants for this? Seems risky.

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Pedro

4 months ago

A seems too slow, we can't just postpone audits like that!

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Nana

4 months ago

I think B makes sense too, let the audit committee weigh in.

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Gracie

4 months ago

Definitely go with D, hiring consultants is the best way to get expertise fast.

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Gail

4 months ago

I’m leaning towards hiring consultants since they can bring in the expertise needed quickly, but I wonder if that could affect the internal team's development.

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Tula

5 months ago

I feel like selecting the most experienced auditors might not be enough if they don't have specific knowledge in finance and investments.

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Dottie

5 months ago

I think postponing the audit could be risky, but I also recall a practice question where the CAE had to rely on external help when the team lacked knowledge.

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Virgina

5 months ago

I remember discussing the importance of having the right expertise for audit engagements, but I'm not sure if hiring consultants is always the best option.

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Marg

5 months ago

I'm a little confused on this one. I'll need to re-read the question and think through the implications of each choice more carefully.

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Antonio

5 months ago

I'm feeling pretty confident about this one. Selecting the most experienced auditors in the department is likely the best approach to tackle this engagement.

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Lashawnda

5 months ago

Okay, I've got a strategy for this. I think hiring consultants with the necessary knowledge is the way to go here. That seems like the most practical solution.

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Barrett

5 months ago

Hmm, I'm a bit unsure about this one. I'll need to review the key requirements and see which option best addresses the lack of internal expertise.

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Alita

5 months ago

This seems like a tricky one. I'll need to carefully consider the options and think through the pros and cons of each approach.

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Heike

5 months ago

This looks like a straightforward question about the criteria for information and analysis evaluations. I'll carefully read through the options and select the one that best matches the description.

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Tuyet

10 months ago

Instead of postponing the audit, the CAE could try learning finance, investment, and taxation in a week using the latest brain-implant technology. What could possibly go wrong?

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Freeman

10 months ago

The CAE should consider hiring a team of finance-savvy superheroes to tackle this audit. They'll have it done before you can say 'portfolio management'.

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Beckie

10 months ago

The most experienced auditors in the department may not have the specific expertise needed for this engagement. Bringing in consultants is the way to go, no doubt about it.

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Amie

8 months ago

Let's make sure we hire consultants who specialize in finance, investment portfolio management, and taxation.

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Jordan

8 months ago

Consultants are definitely the best option in this situation.

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Kattie

8 months ago

Agreed, the most experienced auditors may not have the expertise needed.

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Huey

9 months ago

We need to bring in consultants with the required knowledge.

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Malissa

10 months ago

Asking the audit committee to decide the course of action might take too much time. The CAE should take the initiative and hire consultants to get the job done efficiently.

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Hollis

9 months ago

Let's recommend this to the CAE for a quick resolution.

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Jonelle

9 months ago

I agree, it's the most efficient way to get the job done.

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Karan

9 months ago

We don't have the required knowledge in-house, we should hire consultants.

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Donette

10 months ago

Postponing the audit until the CAE hires internal audit staff with the required knowledge could delay the process for too long. Bringing in consultants seems like the most practical solution.

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Tandra

9 months ago

I agree. It's better than postponing the audit.

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Colette

9 months ago

That sounds like a good idea. They can help us get the job done efficiently.

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Cecilia

10 months ago

Let's hire consultants who have the required knowledge.

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Cyril

11 months 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

11 months 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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