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

Limited Time Offer

25%

Off

Get Premium IIA-ACCA Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Tuyet

1 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?

upvoted 0 times

...

Freeman

1 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'.

upvoted 0 times

...

Beckie

1 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.

upvoted 0 times

Kattie

1 days ago

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

upvoted 0 times

...

Huey

20 days ago

We need to bring in consultants with the required knowledge.

upvoted 0 times

...

Malissa

2 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.

upvoted 0 times

Hollis

12 days ago

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

upvoted 0 times

...

Jonelle

14 days ago

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

upvoted 0 times

...

Karan

22 days ago

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

upvoted 0 times

...

Donette

2 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.

upvoted 0 times

Tandra

28 days ago

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

upvoted 0 times

...

Colette

1 months ago

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

upvoted 0 times

...

Cecilia

2 months ago

Let's hire consultants who have the required knowledge.

upvoted 0 times

...

Cyril

3 months ago

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

upvoted 0 times

...

Ashlee

3 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.

upvoted 0 times