PERSPECTIVES REGARDING THE QUALITY OF THE INTERNAL AUDIT AND ITS IMPACT ON THE FINANCIAL PERFORMANCES OF THE BANKS IN ROMANIA

Loredana Ciurlau and Maria Mirabela Florea Ianc
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Loredana Ciurlau: CONSTANTIN BRANCUSI UNIVERSITY OF TARGU JIU
Maria Mirabela Florea Ianc: CONSTANTIN BRANCUSI UNIVERSITY OF TARGU JIU

Annals - Economy Series, 2018, vol. 4, 137-142

Abstract: The objectives and responsibilities of the internal audit are expressed and concentrated in both international and national regulations. The scope of the internal audit should include the entire system of the bank for identifying and measuring its regulatory capital and assessing the suitability of its resources for the bank's risk exposures and compliance with the minimum set ratios. The internal audit function should independently assess the bank's systems and processes for measuring and monitoring liquidity positions in relation to its risk profile, external environment, and minimum regulatory requirements. At the same time, internal auditing should regularly review the process by which risk and reporting functions interact to produce timely accurate, relevant, reliable, and accurate financial reporting to the management, regulator, and other stakeholders (shareholders, investors). Basel III requires that the bank's compliance function, including compliance monitoring, as well as any regulatory requirements, should be reviewed periodically by the internal audit and set a broad scope. One of the significant requirements is that the scope of the internal audit plan should adequately cover all aspects of regulatory requirements.

Keywords: internal audit; liquidity; performance; Basel III (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (1)

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