i) Functions of the Internal Audit Agency (IAA):

• Sets standards and procedures for the conduct of internal audits in MDAs (Ministries, Departments, and Agencies) and MMDAs (Metropolitan, Municipal, and District Assemblies).
• Monitors, inspects, and evaluates the internal auditing of MDAs and MMDAs.
• Ensures the accuracy, reliability, and timeliness of financial, managerial, and operating information.
• Ensures that the financial activities of MDAs and MMDAs comply with laws, policies, plans, and procedures.
• Safeguards national resources and ensures they are used efficiently and effectively.
• Promotes the achievement of plans, goals, and objectives of MDAs and MMDAs.
• Assists in identifying and managing risks in the public sector.
• Promotes economy, efficiency, and effectiveness in government programs.
• Facilitates the prevention and detection of fraud.
• Keeps MDAs and MMDAs informed about deficiencies in their programs and the need for corrective actions.
  (Any 7 points @ 1 mark each = 7 marks)

ii) How the IAA Facilitates the Work of Internal Auditors:

• The IAA establishes internal audit units (IAUs) in MDAs and MMDAs, ensuring that they are properly staffed and functional.
• The IAA sets up audit committees for MDAs and MMDAs, ensuring that internal auditors receive the necessary functional direction.
• The IAA reviews internal audit work plans and reports, ensuring that the internal auditors’ work aligns with the set standards and objectives.
  (Any 3 points @ 1 mark each = 3 marks)