The Trinomial Relations between External Audit, Audit Committee and Internal Audit in Corporate Governance Regulations

Author:Associate Prof. Camelia Liliana DOBROŢEANU, Ph.D., Assistant Adriana Sofia RĂILEANU, Ph.D. Student, Univ. Prof. Laurenţiu DOBROŢEANU, Ph.D.

JEL:G18, G34, G38, M42

DOI:

Keywords:audit committee, regulation, corporate governance, external audit, internal audit, deficiencies

Abstract:
The current economic outlook has triggered several actions of global regulators aimed at strengthening the corporate governance practice, viewed as one of the factors favoring the emergence and international extension of the financial crisis. At national level, the Bucharest Stock Exchange has enrolled in this trend by issuing in 2010 a set of implementation guidelines for the corporate governance code for listed companies. This study examines the Romanian corporate governance regulatory framework, focusing on regulations related to the audit committee and its relationships with internal and external auditing. The comparative analysis conducted takes into consideration the British corporate governance framework viewed as a reliable benchmark and inspiration starting point by a large number of national and international regulators. The study results reveal the major regulations deficiencies and discusses their consequences. \r\n\r\n\r\n

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