The correct answers are: An element of good corporate governance in a company; An element of overall management control of a company; A function that reviews and reports on the structure and operation of internal control; A function that performs operational and compliance audits.

Internal audit is an element of good corporate governance in a company and the overall management control of a company. Internal audit may review and report on the structure and operation of internal control and internal auditors may perform operational and compliance audits. Internal audit is not part of the external audit function, although external auditors may rely on the work of internal audit in certain circumstances.