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Review of the economy, efficiency and effectiveness
of operations 
(d) 
Review of compliance
with laws, regulations and other external requirements and with internal 
policies and directives and other requirements including appropriate authorisation of transactions 
(e) 
Review of the safeguarding of assets
(f) 
Review of the implementation of corporate objectives
. This includes review of the effectiveness 
of planning, the relevance of standards and policies, the company's corporate governance 
procedures and the operation of specific procedures, such as communication of information. 
(g) 
Identification of
significant business
and financial 
risks, monitoring
the 
organisation's
overall 
risk management policy
to ensure it operates effectively, and 
monitoring
the 
risk
management 
strategies 
to ensure they continue to operate effectively 
(h) 
Special investigations
into particular areas, for example suspected fraud 
3.4 Internal audit and risk management 
Internal audit will play a significant part in the organisation's risk management processes, being required 
to assess and advise on how risks are countered. Internal audit's work will be influenced by the 
organisation's 
appetite
for bearing risks, but internal audit will assess: 

The 
adequacy of the risk management and response processes
for identifying, assessing, 
managing and reporting on risk

The risk management and control 
culture

The 
internal controls
in operation to 
limit risks

The 
operation and effectiveness
of the