A Chief Audit Executive (CAE) for a Specialty Retailer Is

Multiple Choice

A chief audit executive (CAE) for a specialty retailer is asked by management to review the controls in place to manage their electronic funds transfer process. The internal audit activity has no experience with similar engagements. What is the most appropriate course of action for the CAE to take?

A) Plan the engagement and begin fieldwork using existing staff.
B) Attempt to discourage management from the request.
C) Hire an outside consulting firm to assist with the engagement.
D) Defer the audit until current staff can be appropriately trained.