Abstract
The status of the internal audit as an important pillar for corporate governance is recognized unanimously; however, this status is gained through a continuous and joined effort of all internal auditors and by a clear and solid vision of the internal audit function’s development, designed by the chief of internal audit. This status recognizes the internal audit’s support for the achievement of company objectives and the improvement of risk management and it also requires continuous quantitative accumulations in the work of internal auditors. From this perspective, the author’s attention focused on the main risks and priorities that the internal audit is facing as they are reflected by international studies and surveys. The conclusions emphasized by the author’s research may be considered important milestones for the improvement of the internal audit function in Romania and for its solid connection to the realities and problems the companies are confronting with.
Highlights
Internal audit (IA) is an important pillar for the corporate governance
Achieving the business objectives and financial performance remains a major concern for decision-makers and it represents the investigation space for IA, whose role is to support the company in the achievement of its objectives by an efficient use of resources and the improvement of business and risk management processes
Romanian internal auditors have the advantage to learn from the experience of other countries and benefit from the progress registered in the profession as a result of the joined efforts of international professional organizations
Summary
Internal audit (IA) is an important pillar for the corporate governance. this status is not obtained by itself; on the contrary, it results from a joined effort of the entire IA department and by a clear vision provided by the chief of internal audit (CAE). The studies emphasized that the maturity level of the IA function differs from one country to another, a fact explained by cultural differences and the IA functions’ “age”, the economic development being a determinant factor. The difficulties that are still manifesting in the process of solid corporate governance implementation have influenced the consolidation effort of IA function in Romanian companies. Romanian internal auditors have the advantage to learn from the experience of other countries and benefit from the progress registered in the profession as a result of the joined efforts of international professional organizations. The author considers that emphasizing these aspects is extremely useful for the Romanian internal auditors, helping them to better plan their missions, to improve their working methods and their own professional abilities, and to consolidate the collaboration with the audit committee members and executive management
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