Study Regarding the Perspectives for the Internal Audit

Author:Alina SIMA

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Keywords:internal audit, profession, professionalism, ethics, corporate governance, economic crisis

Abstract:
The global economic crisis as well as the changes in the regulatory framework that took place as a response to the economic unbalances and corporate governance failures highlighted by the global crisis marked the field of the internal audit as well. According to a PwC study “The state of the internal audit profession”, CFOs and internal auditors are aware that the internal audit department can and should deliver more value, by extending its role and becoming a leading partner of the Executive and Administrative Board. The study states that the internal audit departments have made important progress and are setting their priorities in the right manner, but there is still a lot to be done in order for the internal audit to become a performing function. The authors of the study propose the concept of Internal Audit 2.0 that reflects the best practices in the field, as well as the expectations regarding the internal audit function. In conclusion, the article points out that the organizations that have developed an internal audit function, the International Internal Audit Standards (IAA) are either fully implemented, or going to be implemented. This is shown by the independence, objectivity and function optimization level of these organizations, as well as by the way internal audit departments address the needs and expectations of the Managing and Shareholders Boards of companies. \r\n\r\n

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