Step A. Audit framework and regulation

A6. Scope Of The Internal Audit

a) Discuss the scope of internal audit and the limitations of the internal audit function.
b) Explain outsourcing and the associated advantages and disadvantages of outsourcing the internal audit function.
c) Discuss the nature and purpose of internal audit assignments including value for money, IT, financial, regulatory compliance, fraud investigations and customer experience.
d) Discuss the nature and purpose of operational internal audit assignments. 
e) Describe the format and content of audit review reports and make appropriate recommendations to management and those charged with governance.