Responsibility for Internal Control in Corporate Governance

Adrian-Cosmin Caraiman ()
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Adrian-Cosmin Caraiman: West University of Timisoara

Ovidius University Annals, Economic Sciences Series, 2020, vol. XX, issue 2, 612-618

Abstract: Within organizations there are risks that are constantly evolving in achieving the scheduled objectives, which means that there may also be a chance of failure of their policies; therefore the internal control activities implemented must be correlated with the risk level established by the organization for each field or activity. Especially in corporate governance managers have become increasingly interested and have become more and more involved in the closer monitoring of the internal control system by assessing the risks they face. A particularly important role in the organization of the internal control system in an organization lies with the internal audit which must assist in maintaining effective controls by assessing their effectiveness and efficiencies and promoting continuous improvement. However, it should also be borne in mind that standardization of the audit process cannot increase the quality of the audit; this can be better observed in the case of external audit. Considering this under the present article, I will look into certain aspects of internal control responsibility in corporate governance.

Keywords: corporate governance; internal control; internal audit; auditors; organization (search for similar items in EconPapers)
JEL-codes: G30 M40 M41 M42 (search for similar items in EconPapers)
Date: 2020
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