The chief audit executive (CAE) decided to conduct a self-assessment with independent validation. Which of the following is the most likely reason the CAE selected this course of action?
A.
The audit committee requested the self assessment for quality assurance purposes
B.
The staff auditors have the necessary knowledge and experience to conduct the review
C.
The internal audit activity is relatively small in size and is due for an external assessment
D.
The internal audit activity is due for a self-assessment which is specifically required at least once every five years
The most likely reason the chief audit executive (CAE) decided to conduct a self-assessment with independent validation is that the internal audit activity is relatively small in size and is due for an external assessment. Self-assessment with independent validation (SAIV) is an alternative approach recognized by the IIA for smaller audit functions, where a full external assessment might be impractical or overly burdensome. This method maintains the quality assurance requirements within the constraints of the organization’s size and resources.
Institute of Internal Auditors (IIA) - International Professional Practices Framework (IPPF), Standard 1312 - External Assessments
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