Risk Analysis - Specific Procedure of the Internal Audit

George Calotă and Traian Iana
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George Calotă: Internal Auditor - Central Unit for Public Internal Audit Harmonization, Ministry of Finance, Romania
Traian Iana: „Titu Maiorescu” University of Bucharest, Romania

Annals of the University of Petrosani, Economics, 2009, vol. 9, issue 1, 93-100

Abstract: During the stage of Preparation of the mission of internal audit for intervention on the spot, Internal audit program must be prepared, which shall be based on a specific risk analysis procedures. The Standard ,, 2200 - Mission Plan recommends that ,,when planning the mission, internal auditors should take into account: the audited business objectives and how this activity is under hand; significant risks related to business, its objectives, resources used and operational tasks and the means by which the potential impact of risk is maintained at an acceptable level; pertinence and effectiveness of risk management and control of business systems in relation to an appropriate control framework or model; opportunities for significant improvement of risk management systems and control of business. Practice in internal audit field in Romania, adapted to the requirements of International Standards on Internal Audit, requires that the Elaboration of the internal audit program procedure, to be preceded by Risk analysis procedure and followed by the Opening meeting procedure.

Keywords: risk; probability; risk register; risk analysis; internal audit program (search for similar items in EconPapers)
Date: 2009
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