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Question 226

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?

The annual audit plan should include audits that are consistent with the skills of the IAA.

Audits of high-risk areas of the organization should be conducted by internal audit staff.

External resources may be hired to provide subject-matter expertise but should be supervised.

Auditors should develop their skills by being assigned to complex audits for learning opportunities.

    Correct Answer: A

    To maximize the value of the current internal audit activity (IAA) resources according to IIA guidance, the annual audit plan should include audits that are consistent with the skills of the IAA (statement 1). Additionally, it is important for audits of high-risk areas of the organization to be conducted by internal audit staff (statement 2). This ensures that the internal audit team is leveraging their existing expertise and focusing on critical areas that could impact the organization the most. While external resources can provide subject-matter expertise (statement 3), and auditors can develop their skills through complex audits (statement 4), these strategies do not directly address maximizing the immediate value of current IAA resources as effectively as combining statements 1 and 2.

Discussion
cotoOption: C

seems C, but maybe high risk areas could be performed by external expertise providers

KonradKOption: C

I totally disagree with D. Can someone explain why it should be D and not C which is for me the best possible answer.

chewchewOption: C

why not c

Guest4768

High-risk areas should be audited, but not necessarily with internal (in this context, in-house) audit staffs. Distinguish internal audit staff and internal auditor.