What is the primary characteristic of internal auditing?

The primary characteristic of internal auditing is best reflected in the focus on independent, objective assurance, and risk-based consulting. Internal auditors operate separately from the business units they assess to maintain objectivity and impartiality in their evaluations. This independence is crucial as it allows auditors to provide unbiased insights into the organization's operations and control processes.

The term "objective assurance" emphasizes that internal auditors rely on factual information and analysis rather than personal opinions or subjective interpretations. This objectivity helps ensure that the assessments and recommendations made by internal auditors are based on evidence and industry standards, which is vital for maintaining the credibility and effectiveness of the audit function.

Risk-based consulting highlights the proactive approach auditors take in identifying and addressing potential risks facing the organization. This approach allows them to provide valuable recommendations that are aligned with the organization’s objectives and risk tolerance, ensuring that the auditing process contributes meaningfully to the organization's governance and risk management efforts.

In summary, the correct answer encapsulates the essence of internal auditing by combining independence, objectivity, assurance, and a focus on risk, which are all fundamental in delivering effective internal audit services.