Final answer:
The internal audit's assistance in the annual risk assessment process is an example of a facilitative consulting engagement where they support and facilitate the process rather than providing an independent assessment or direct advice. Option C
Step-by-step explanation:
The assistance provided by the internal audit function for the annual risk assessment process requested by the audit committee is best described as a facilitative consulting engagement. In a facilitative engagement, the internal audit provides support and facilitates the process without taking ownership of the process or the outcomes.
This differs from an assurance engagement where the auditor would independently assess the risk management process and provide an opinion on it. A training consulting engagement would focus on educating the staff, and an advisory consulting engagement would involve providing expert advice or a recommendation on a specific subject matter.
In facilitating the risk assessment, the internal audit will be guiding the committee through the process, providing expertise where needed, but leaving the responsibility of the assessments and decisions with the committee members. Option C