Certified Internal Auditor (CIA) Part 2: Practice of Internal Auditing — Question 6

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.

Answer options

Correct answer: D

Explanation

Options 3 and 4 are correct because hiring external resources for specialized knowledge while ensuring they are supervised adds value, and assigning auditors to complex tasks helps them grow their skills. Options 1 and 2 are less effective as they do not fully leverage external expertise or focus on skill development in challenging environments.