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Internal Audit


Audit is one methodical examination carried out to assist the company management with the process of performing an efficient accomplishment of the latter’s responsibilities, by supplying analyses, appraisals, recommendations and pertinent comments in terms of those activities under examination. One such audit may be carried out as a preventive measure – so as one may assess the efficiency of one given organization, of any one process or procedure, or as a remedial measure, in any given cases of failure, bankruptcy, etc.

Internal audit objectives are:

  • examining and assessing honesty, sufficiency and application of accounting, financial, operational and promoting effective control at reasonable cost
  • Verification of compliance with policies, plans and procedures set
  • Verification to what extent the assets of the company are justified and preserved for losses of any nature
  • Check the accuracy of the information used by decision makers
  • Assess the quality of action in putting in execution of undertaken responsibilities
  • Recommending operational improvements

Therefore, internal auditor will inform and assist the management team according to the ethics of the International Institute for Internal Auditors and he/she will coordinate his activity with that of other controlling teams so that they can guarantee the good functioning of the organization.

Internal audit is mandatory for:

RAs companies / national companies and companies in which the state or an administrative unit is the majority shareholder
 For companies whose financial statements are audited annually
  •  For companies that have chosen to organize the audit internally