Explain what an internal audit is. Internal audits evaluate a company's internal controls, including its corporate governance and accounting processes. These types of audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection. According to legislation how frequently do these need to be completed? The auditor shall conduct the audit in accordance with accepted auditing practice, including selective testing when the auditor considers it appropriate and in accordance with such other requirements as are determined by the Commissioner The auditor shall within 3 months after the end of each year Who in the agency can complete an internal audit?