What action should the chief audit executive take if the internal audit activity lacks the expertise to perform part of a consulting engagement?

The chief audit executive should obtain competent advice and assistance when the internal audit activity lacks the necessary expertise to complete a part of a consulting engagement. This approach is aligned with the principles of professional practice, which emphasize the need for resourcefulness and maintaining the quality and integrity of the audit process.

By seeking competent advice, the chief audit executive ensures that the engagement is executed effectively and that the findings and recommendations are based on sound knowledge and expertise. This not only helps in achieving the objectives of the engagement but also reinforces the credibility of the internal audit function.

Consulting engagements often require specialized knowledge or skills that may not always be available within the internal audit team. Therefore, leveraging external experts or acquiring necessary skills through training or collaboration increases the value delivered by the audit function. This way, the internal audit activity can provide relevant and informed advice, further enhancing its role as a trusted advisor within the organization.