IMPLEMENTATION OF INTERNAL MANAGERIAL CONTROL STANDARDS WITHIN AN ECONOMIC ENTITY

Georgeta Margareta Dobrescu
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Georgeta Margareta Dobrescu: “Tomis” University of Constanta, Romania

Contemporary Economy Journal, 2023, vol. 8, issue 3, 53-57

Abstract: The internal managerial control system is an integral and essential component of the institution's management that covers the entire activity. Internal managerial control, represents the set of forms of control exercised at the entity level, including internal audit, established by management in accordance with its objectives and legal regulations, in order to ensure the administration of own funds in an economic, efficient and effective manner, it also includes , organizational structures, methods and procedures. The internal managerial control system is a commitment assumed by Romania within the chapter 281 "Financial control" of negotiations with the European Union, the current chapter 32. By exercising the control function, the management of the entity ascertains the deviations of the results from the established targets, analyzes the causes that determined them and orders the necessary corrective or preventive measures. The proper implementation of the internal control system is the premise of exercising a correct management, according to the legal provisions, and gives assurance that the entity achieves the proposed objectives and that the management of the activities is efficient. The monitoring, coordination and methodological guidance of the implementation and development of the internal managerial control system is carried out by the Monitoring Commission (constituted by internal decision).

Keywords: internal audit; internal managerial control; Monitoring Commission; Internal managerial control standards; documented procedures (search for similar items in EconPapers)
JEL-codes: M42 (search for similar items in EconPapers)
Date: 2023
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