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a) Explain what an internal audit is. An internal audit is an evaluation of an organization's internal controls, procedures, and processes. It is conducted by employees of the organization or by an outside firm. The purpose of an internal audit is to ensure that the organization is operating efficiently and effectively, and to idenufy any areas where improvements can be made. For example, an internz| audit may examine the organization’s financial controls, compliance with regulations, and risk management procedures. b) According to legislation how frequently do these need to be completed? It will depend on the specific legislation that applies to the organization in question. However, as a general rule, internal audits should be conducted on a regular basis in order to ensure that the organization is compliant with all relevant laws and regulations. Also, if there are any changes to the organization's business operations or structure, then an internal audit should be conducted in order to ensure that the organization’s internal controls are still adequate. For example, if a new business process is introduced, then an internal audit should be conducted to ensure that the process is being carried out correctly and that there are no risks associated with it 7~ c) Who in the agency can complete an internal audit? The internal audit can be completed by any member of the agency, as long as they have the appropriate training and experience. For example, an accountant or auditing manager would fikely be able to complete the internal audit