Corporate Governance and Audit Activity

Gheorghe Lepadatu ()
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Gheorghe Lepadatu: Dimitrie Cantemir Christian University

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2013, vol. 3, issue 2, 60-65

Abstract: Transparency of information, indispensable for competitiveness in the market is an efficient operation of corporate governance systems, especially control systems. The issue of governance should be seen as a fundamental pillar of fraud against the pressures to induce frauds, due to lack of transparency of information flow. In all models of corporate governance, external regulation covers a primary role in ensuring effective controls, but it remains the responsibility of the entities to adopt a virtuous mechanism under the profile of internal controls. Corporate governance is closely linked to the entity's management and its structures, knowing the fact that this concept covers important issues in the area of social responsibility and ethical business practices. Corporate governance includes elements such as transparency and financial audit, internal audit, having a close relationship with financial reporting and financial disclosure required by internal and external users. Corporate governance is an attempt to stop the spectacular failures of the private sector and to regain confidence in business. Our research concluded that these failures were the root of evil in the internal control system defective and low strategic level (corporative one) of the management. Improving corporate governance must be improved simultaneously with the application of International Accounting Standards and international reporting.

Keywords: Corporate governance; internal audit; IAS/IFRS (search for similar items in EconPapers)
Date: 2013
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