Exam Code: IIA-CHAL-ACCTG
Exam Name: Qualified Accountant CIA Challenge Exam
Certification: IIA Certification
Total Questions: 137 Q&A
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NEW QUESTION: 1
You are working on a construction project. You, your team, and your senior manager all feel that the work is complete. However, one of your stakeholders disagrees, and feels that one deliverable is not acceptable. What is the BEST way to handle this conflict?
A. Renegotiate the contract
B. Consult the contract and follow its claims administration procedure
C. Follow the administrative and contract closure procedures
D. File a lawsuit to force the stakeholder to accept the deliverable
Did you recognize that answer D - "follow the administrative and contract closure procedures" - was talking about the Close Project process? You can't close the project if there's still a claim that needs to be resolved. When there's a dispute between a buyer and a seller, that's called a claim. Most contracts have some language that explains exactly how claims should be resolved - and since it's in the contract, it's legally binding, and both the buyer and seller need to follow it. Usually it's not an option to renegotiate a contract, especially at the end of the project after the work is complete, and lawsuits should only be filed if there are absolutely, positively no other options.