1.   For internal audit to carry out these responsibilities it is essential that it operates with adequate independence.

2.   However, the standard of internal audit in the public sector is not generally very good.

3.   Internal audit is an integral part of internal control.

4.   The Guidance concentrates on the organizational status of internal audit and the objectivity of internal auditors in achieving the requisite independence.

5.   These periodic internal audits can be a source of revitalization and renewal.

6.   The bank first learned of the problem when it carried out an internal audit.

7.   This is known as an internal audit.