Which of the following is NOT a value component of internal audit?

• A. Assurance
• B. Advice
• C. Insight
• D. Governance

Answer: (D)

Internal audit adds value through three main offerings: assurance, advice, and insight. Assurance provides an independent evaluation of risk management, controls, and governance processes to give stakeholders confidence that objectives are being met. Advice refers to consulting and practical recommendations that help improve controls and governance. Insight involves analyzing data and trends to identify emerging issues and opportunities, helping the organization make informed decisions.

Governance, while central to how an organization is directed, is not a value component internal audit delivers as a standalone service. Internal audit supports governance by assessing and strengthening its processes, but governance itself is the broader framework, not a value proposition offered by internal audit. So governance is not a value component.