THE ROLE OF INTERNAL AUDIT IN THE CONSULTANCY OFFERED TO ORGANIZATIONAL MANAGEMENT

Patrutescu Monica () and Serban Claudiu ()
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Patrutescu Monica: University of Craiova, Romania
Serban Claudiu: University of Craiova, Romania

Management Strategies Journal, 2013, vol. 22, issue Special, 155-160

Abstract: The function of internal audit has occurred after successive overlaps with other forms of control, resulting in the need to increase the number of specialists in internal audit. Defining internal audit as an activity that adds value has happened in the conditions under which its characteristics were crystallized: universality, independence, and periodicity. Being structured as a separate activity within the economic entity, internal audit is an independent evaluation function, and the "beneficiary" is entity’s management. The aim is for the firm to base its decisions on the conclusions and recommendations resulting from the audit. Internal audit is based on professional standards and norms, procedural guidelines and codes of conduct that form a flexible reference framework internationally recognized, which can be adapted to legislative and regulatory peculiarities of each country. This allows internal audit to add value by its ability to improve internal control system of the organization, but also through the communication to management of solutions regarding risk assessment, reorganization of management control, and change in the mentality of the audited.

Keywords: audit concepts; audit evolution and organization of its specific activity; evaluation of audit departments; necessity and objectives of the audit (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:brc:journl:v:23:y:2013:i:s:p:155-160

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