A. The primary role of the internal audit activity is to assist the management of a company in its responsibility of maintaining effective controls by evaluating the effectiveness of those controls. In this role, it serves as an appraisal function that adds value to operations.

B. Although external audit fees may be reduced as a result of the internal auditing activities, this is not the primary role of internal auditing.

C. The role of internal auditing is not limited to serving as the investigative arm of the board. The internal audit activity assists the management of a company in its responsibility of maintaining effective controls by evaluating the effectiveness of those controls.

D. One of the roles of internal auditing is the performance of studies to assist in the attainment of more efficient operations. However, primary role of internal auditing is much more than this.