You are part of a three-person internal audit function that was asked by your company’s CEO to conduct an audit of the internal controls over the company’s commodities trading and hedging activities. No member of the internal audit function has any training or experience in auditing trading and hedging activities.

a. Refer to appendix B, “International Standards for the Professional Practice of Internal Auditing.” Which standard(s) would you consult for guidance regarding the situation described above? Explain.

b. Refer to the list of Implementation Guides on The IIA’s website (www.theiia.org). Which Implementation Guides would you consult for guidance? Explain.