Individuals working in separate internal audit activities can be considered independent for the purpose of conducting a peer review, provided they do not report to the same chief audit executive (CAE). This separation helps to ensure that the reviewers do not have a conflict of interest or undue influence from shared reporting lines, thus maintaining the integrity of the external quality assessment process.
IIA Standard 1312 - External Assessments

When asked to provide consulting services regarding the risks related to implementing a proposed new inventory management system, the internal audit activity should consider whether the benefits derived from the requested assessment would exceed the cost of providing the consulting service. This ensures that the engagement adds value to the organization, aligning with the principles of efficiency and effectiveness in internal auditing.
The IIA's guidance on conducting consulting engagements and assessing value and benefits relative to cost.

The primary responsibility of the internal audit activity within a risk and control framework is to verify that management has met its responsibility for implementing effective controls. This aligns with the IIA's definition of the internal audit function's role, which is to provide independent and objective assurance that an organization's risk management, governance, and internal control processes are operating effectively.
The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing.

The appropriate role for the internal audit activity in relation to an organization's risk management process is to provide assurance on the effectiveness of these processes. This involves evaluating whether risk management practices help the organization manage its risks within defined risk tolerance levels effectively and are aligned with the strategic goals. Internal audit should not be involved in designing controls or setting risk tolerance as this could impair their independence.
Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing

One of the roles of internal audit is to provide assurance on the effectiveness of risk management processes. Internal audit can contribute to the organization's risk assessment process by reviewing how key risks are identified, measured, monitored, and reported by the first and second lines of defense. Internal audit can also provide recommendations for improving the risk reporting process and ensuring that it aligns with the organization's objectives and risk appetite.
Additional Information:
The first line of defense is the operational management, who owns and manages the risks. The second line of defense is the risk management and compliance functions. The third line of defense is the internal audit function. Risk reporting is the process of communicating relevant and timely information about the organization's risks to the stakeholders. The organization's risk appetite is the amount and type of risk that it is willing to accept in pursuit of its objectives.