Which of the following best describes the role of internal audit in a credit union?

The role of internal audit in a credit union is primarily focused on providing advice and oversight. Internal auditors are tasked with evaluating the effectiveness of the organization's risk management, control, and governance processes. They assess whether the credit union is conducting its operations in compliance with relevant laws, regulations, and internal policies while also evaluating operational efficiencies.

This oversight function helps ensure that the credit union is achieving its objectives and can adapt to any challenges that may arise, thus safeguarding its assets and interests. Internal auditors provide recommendations for enhancing processes and controls, which contribute to the overall improvement in the organization's operations and compliance posture.

In contrast, managing financial operations, executing transactions, or directly improving customer service are functions that fall outside the scope of internal audit. These tasks are typically handled by operational management and frontline staff, highlighting the distinct and specialized role of internal auditors within the organization.