Question 01

You are newly appointed as an internal auditor of ABC LLC, a company involved in making business to business (B2B) sales of industrial products. The CEO of the company during an official meeting stated, "Companies today increasingly face the need for transformation due to volatile, uncertain, complex and ambiguous business environment. Managing the risk created by VUCA business environment has seen as an esoteric business function. Advise me on the role played by or the importance of Internal Auditors in supporting the organisations to manage the risks".

You are required to construct an answer by:

Explaining the scope of internal audit and discussing any five types of audit conducted by the internal auditors to provide assurance on the adequacy of internal controls and risk management with suitable examples.