COORDINATION OF AUDIT WORK BETWEEN THE INTERNAL AND EXTERNAL AUDIT

Nensi Xhani and Maria - Andreia Iliescu
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Nensi Xhani: University of Craiova Faculty of Economics and Business Administration Craiova, Romania
Maria - Andreia Iliescu: University of Craiova Faculty of Economics and Business Administration Craiova, Romania

Annals of University of Craiova - Economic Sciences Series, 2018, vol. 2, issue 46, 53-60

Abstract: The audit function is an essential element in managing public finances and improving public performance in general. In the field of internal and external audit, standards have been developed to guide this activity and are used by auditors and relevant structures as reference points to carry out audit work. By its nature, the audit covers a variety of activities and themes that act as a mechanism by providing guarantees to governments, ministries (internal audit) and Parliament (external audit) that public funds are spent in accordance with the legislative framework and that the use of public to the government correctly represents its financial position, as well as the promotion of public resources with efficiency and effectiveness for the benefit of taxpayers. Even though external and internal audits have different roles and responsibilities, their common purpose is to promote good governance by contributing to transparency and accountability.

Keywords: internal audit; external audit; INTOSAI Auditing Standards; audit activity; public sector (search for similar items in EconPapers)
JEL-codes: H83 M41 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (3)

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