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Risk Analysis - Specific Procedure of the Internal Audit

Author

Listed:
  • George Calotă

    (Internal Auditor - Central Unit for Public Internal Audit Harmonization, Ministry of Finance, Romania)

  • Traian Iana

    („Titu Maiorescu” University of Bucharest, Romania)

Abstract

During the stage of Preparation of the mission of internal audit for intervention on the spot, Internal audit program must be prepared, which shall be based on a specific risk analysis procedures. The Standard ,, 2200 - Mission Plan recommends that ,,when planning the mission, internal auditors should take into account: the audited business objectives and how this activity is under hand; significant risks related to business, its objectives, resources used and operational tasks and the means by which the potential impact of risk is maintained at an acceptable level; pertinence and effectiveness of risk management and control of business systems in relation to an appropriate control framework or model; opportunities for significant improvement of risk management systems and control of business. Practice in internal audit field in Romania, adapted to the requirements of International Standards on Internal Audit, requires that the Elaboration of the internal audit program procedure, to be preceded by Risk analysis procedure and followed by the Opening meeting procedure.

Suggested Citation

  • George Calotă & Traian Iana, 2009. "Risk Analysis - Specific Procedure of the Internal Audit," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 9(1), pages 93-100.
    • Handle: RePEc:pet:annals:v:9:i:1:y:2009:p:93-100
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    Cited by:

    1. Gabriela Iuliana MUNTEANU & Paul GHEORGHE, 2017. "Internal Audit €“ An Instrument For Risk Management In The Supply And Management Of Material Resources," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 11(1), pages 612-616, November.

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