Senior management at a financial institution has received allegations of fraud at its derivatives trading desk and has asked the internal audit activity to investigate and issue a report concerning the allegations. The internal audit activity has not yet developed sufficient proficiency regarding derivatives trading to conduct a thorough fraud investigation in this area. Which of the following courses of action should the chief audit executive (CAE) take to comply with the Standards?

All of the following would normally be involved in preparing for and carrying out the internal audit activity's annual plan except:

Which of the following statements is true about visual observation during an audit engagement?
1.Visual observations should not be documented as the facts have not been substantiated.
2.Complex conditions observed should be verified prior to communicating observations to management.
3.Visual observations can be used to detect ineffective controls,idle resources,and safety hazards.
4.Visual observation can be used during both preliminary survey and fieldwork stages of the audit engagement.

Reportable audit findings must bE.
I.Documented by facts.
II.
Supported by relevant evidence.
III.
Agreed to by management of the audited area.
IV.
Convincing enough to compel corrective action.

A government agency's policy states that board members' travel and hospitality expenses must be audited annually. Which of following people or groups is most appropriate to perform this audit?