Internal audits role in governance is vital. Internal audit provides objective assurance and insight on the effectiveness and efficiency of risk management, internal control and governance processes. A vibrant and agile internal audit function can be an indispensable resource supporting sound corporate governance. - The Institute of Internal Auditors (IIA Position Paper) - Internal Auditing's Role in Corporate Governance, May 2018

In the light of the above statement, briefly elaborate on the roles played by Internal Audit in the corporate governance environment. (10 marks) 500 words