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IIA-CIA-PART2 · Question #11

The chief audit executive of a medium-sized financial institution is evaluating the staffing model of the internal audit activity (IAA). According to IIA guidance, which of the following are the…

The correct answer is D. 3 and 4 only. According to IIA guidance, to maximize the value of the current internal audit activity (IAA) resources, it is appropriate to hire external resources to provide subject-matter expertise while ensuring they are supervised (3). Additionally, assigning auditors to complex audits…

Managing the Internal Audit Activity

Question

The chief audit executive of a medium-sized financial institution is evaluating the staffing model of the internal audit activity (IAA). According to IIA guidance, which of the following are the most appropriate strategies to maximize the value of the current IAA resources? 1. The annual audit plan should include audits that are consistent with the skills of the IAA. 2. Audits of high-risk areas of the organization should be conducted by internal audit staff. 3. External resources may be hired to provide subject-matter expertise but should be supervised. 4. Auditors should develop their skills by being assigned to complex audits for learning opportunities.

Options

  • A1 and 2 only
  • B1 and 4 only
  • C2 and 3 only
  • D3 and 4 only

How the community answered

(51 responses)
  • A
    16% (8)
  • B
    6% (3)
  • C
    4% (2)
  • D
    75% (38)

Explanation

According to IIA guidance, to maximize the value of the current internal audit activity (IAA) resources, it is appropriate to hire external resources to provide subject-matter expertise while ensuring they are supervised (3). Additionally, assigning auditors to complex audits for learning opportunities helps in skill development and enhances the overall capability of the IAA (4). These strategies ensure that the IAA can address complex and high-risk areas effectively while also fostering professional growth among internal auditors.

Topics

#IAA staffing model#external resources#skill development#CAE strategy

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