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Governance process improvement and development by audit consolitation

Author

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  • Adelina DUMITRESCU PECULEA

    (The Institute for World Economy, Romanian Academy, Bucharest)

Abstract

The necessity of governance process improvement for reaching strategic objectives represents a condition in the given macroeconomic context for society’s development reforms continuation. Starting from the legal framework ruling audit activities and from the role of specialized structures within the Ministry of Finance whose purpose is “the carrying out of audit missions of national interest with multi-sectorial implications”, one can easily observe the permanent preoccupation for increasing and improving the quality of audit activities, fact which is also demonstrated and enforced by literature. The paper analyses using a holistic approach the audit system and its importance for the management accountability in organizations, especially of public ones. The analysis supports administration process optimization and contributes to the consolidation of (internal) audit activities within organizations. The used research method is participative observation. This qualitative approach has a major role, by allowing the description and analysis of (internal) audit activities and the consolidation of its importance in the sustainable development of both the economy as well as the public administration by continuous improvement of governance processes. The results of the research will generate a set of conclusions about the importance of audit activities for the governance processes. Also, some propositions will be made, which help public audit fulfil the requirements of the Public Finance Ministry, and improve the governance and management of public entities.

Suggested Citation

  • Adelina DUMITRESCU PECULEA, 2015. "Governance process improvement and development by audit consolitation," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(603), S), pages 215-222, Summer.
    • Handle: RePEc:agr:journl:v:xxii:y:2015:i:2(603):p:215-222
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    References listed on IDEAS

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    1. Marco Allegrini & Robert Melville & Leen Paape & Georges Selim, 2009. "Special issue on “Internal audit and corporate governance”: Introduction," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 13(1), pages 1-3, May.
    2. Marlene Davies, 2009. "Effective working relationships between audit committees and internal audit—the cornerstone of corporate governance in local authorities, a Welsh perspective," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 13(1), pages 41-73, May.
    3. Johnathan Magrane & Sue Malthus, 2010. "Audit committee effectiveness: a public sector case study," Managerial Auditing Journal, Emerald Group Publishing, vol. 25(5), pages 427-443, May.
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