Internal Audit- More than a Legal Requirement

Susmanschi Georgiana ()
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Susmanschi Georgiana: The Bucharest Academy of Economic Studies

Ovidius University Annals, Economic Sciences Series, 2012, vol. XII, issue 1, 1199-1203

Abstract: Internal audit is a function who aims to support the management of a company in order to add value. Identifying differences in development priorities and management culture of the department or company as a whole and how they are implemented and followed, internal audit represents for companies a certainty and not only in the in respect of a requirement under the Companies Law. Internal audit function is considered to be efficient to the extent that succeeds to help the executive management to reach the assumed targets (objectives) and to give assurance to non-executive management (audit committee or equivalent) on the adequacy and effectiveness of internal control, the process risk management and on compliance with corporate governance best practices. The present paper follows to highlight internal audit's importance in a company, regardless of any legal requirement concerning the compulsoriness of introducing internal audit as a distinct department

Keywords: internal audit; management; preventing fraud; detection of fraud. (search for similar items in EconPapers)
JEL-codes: M10 M42 (search for similar items in EconPapers)
Date: 2012
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