Current Challenges of Internal Audit Function

Author:Assistant Cristina BOŢA-AVRAM, Ph. D.

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Keywords:internal audit function, risk management, added value, internal auditors’ abilities, internal audit practices

Abstract:
This article proposes, starting from a critical analysis of the latest specialty literature, to identify the trends that may influence the next development of the internal audit function. The current economic context unfavorable requires, now more than ever, the necessity to redefine a new strategy for internal audit. The managers and members of audit committee are now much more aware of the real added value provided by internal audit. The internal auditors will have to enhance significantly the way they will respond to the various expectations expressed by managers, audit committee and \tother stakeholders. Among the most important trends that will significantly influence the next trajectory of internal audit could be mentioned: moving towards the increasing of the efficiency of risk management, the development of the skills that internal auditors will have to possess, the maximizing of the interest for the measuring and evaluation of internal audit’s performance, and finally but not the least, the increasing of technology level of internal audit work, which should facilitate the creating of the premises for a more complete and comprehensive audit in order to increase the level of assurance provided by internal audit function. \r\n \r\n

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