9 Internal Audit function is a very important aspect of contemporary businesses and their corporate governance. Required: a) Define Internal Audit and list the types of activity normally carried out by internal audit departments. b) Briefly explain the main differences between internal and external auditors in respect of objectives, scope of work and reporting responsibilities. c) Explain the term 'outsourcing' and list three advantages and three disadvantages of outsourcing an internal audit department. 10 marks