The Features of Internal Audit in Romania. Study on the Perception of Internal Auditors

Author:Associated Professor Cristina-Ionela PRECOB, Ph.D. economist, Associated Professor Alina RUSU-BURUIANĂ, Ph.D. economist

JEL:M42, M14

DOI:

Keywords:internal audit, the Chamber of Financial Auditors in Romania, risk-based approach, social responsibility

Abstract:
The purpose of this article is to identify the actual features of the internal audit activities performed by Romanian auditors, respectively the frequency of the internal audit missions, the criteria based on which internal audit missions are planned, the objectives of internal audit missions, the relationship of the internal auditor with the company`s management and with the members of the audited departments, as well as the present role of internal audit in local companies and in the future evolution of internal audit. The results of our research show that the evaluation of the risks of the audited company is the main criterion that internal auditors use in planning their activity, and the highest weight in the total internal auditors` activities is that of risk monitoring and evaluation, followed by the verification of the accounting processes and by drawing the financial statements. Also, all respondents agree to a great extent that the internal auditor`s main role is to formulate recommendations in order to enhance the company`s efficiency and that internal audit supports the reporting of information on the companies` social responsibility. In what concerns the future evolution of internal audit, the main tendencies in the field are improving the skills that the internal auditors must have and a focus on increasing the efficiency of risk management.

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