What are the two primary objectives of the internal audit function?

The correct answer identifies the two primary objectives of the internal audit function as evaluating internal controls and assessing compliance with regulations. This focuses on ensuring that the organization’s processes and controls are effective in safeguarding assets, ensuring accuracy of financial reporting, and promoting operational efficiency. Additionally, internal audits are essential for assessing compliance with laws, regulations, and internal policies to minimize the risk of legal issues and maintain organizational integrity.

Evaluating internal controls involves reviewing systems and processes to identify weaknesses or areas for improvement. This is crucial for mitigating risks such as fraud, financial misstatement, and operational inefficiencies. Assessing compliance, on the other hand, ensures that the organization adheres to all relevant laws and regulations, thus protecting it from potential penalties and enhancing its reputation.

Other options focus on aspects such as vendor performance, public relations, stakeholder engagement, and marketing, which, while important to an organization, do not constitute the primary objectives of the internal audit function. The essence of internal auditing is rooted in risk management and governance, making the evaluation of internal controls and compliance paramount to the audit's purpose.