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?
A) Postpone the audit until the CAE hires internal audit staff with the required knowledge.
B) Ask the audit committee to decide the course of action.
C) Select the most experienced auditors in the department to perform the engagement.
D) Hire consultants who possess the required knowledge to perform the engagement.

Question

Quizplus · Accepted Answer

Hiring consultants with the required expertise ensures that the audit is conducted effectively and meets the necessary standards, especially when the internal team lacks the specific knowledge needed.

A Chief Audit Executive (CAE) Is Selecting an Internal Audit