An internal audit is a managerial tool that serves to improve processes and internal controls within a company. It consists of a department within a company that is mandated to provide an assessment of the organizations risks, control environment, and operational effectiveness. The department reports to the board and senior management, which are within the organizations governance structure. Assume that you are an internal auditor, you are required to:

i.) Outline the responsibilities of internal auditors. (10 marks)

ii.) Describe five qualities of a professional internal auditor. (5 marks)