Proceedings

2.2. The purpose and objectives of the empirical study
The purpose of this study was to develop a starting point in the process of identifying
the good internal audit practices in the context of corporate governance, without
claiming that there were identified the most relevant internal audit practices. More
specifically, the main objectives of the present study were:
• To obtain a synthetic view from the Romanian auditors’ point of view regarding
the good internal audit practices that should be taken in consideration.
• To test the real applicability of the proposed internal audit practices from the
respondents’ point of view
• To try to obtain other proposals of good practices from respondents, that should
also be taken in consideration.
Based on literature review develop until this moment, it was made a selection of the
most significant and relevant audit practices, all these being included in questionnaire
used to develop this present study. In Table no.1 are summarised all these internal
audit practices over it was tested the auditors’ perception from their proposal but also
from their applicability point of view.
Table 1. The synthesis of internal audit practices proposed and tested
within this present study
No. The internal audit practices proposed within this study
1. Internal audit should be placed in the hierarchical structure of the entity in order to ensure the greatest
independence as possible.
2. Internal audit should develop a strong partnership with external audit, based on mutual trust.
3. Chief of internal audit department should have regular meetings with the chairman of the audit committee,
so that between them being developed a relationship based on mutual trust.
4. Internal audit carries out its activities taking in consideration the strategic and operational risks identified at
the level of each major function within the entity.
5. Internal audit communicate to the external auditor the risk categories identified at the level of financialaccounting
function, the deficiencies discovered and also the recommendations issued.
6. Internal audit should provide the support in the reviewing of ethical code and politics for ensuring there are
correctly and timely communicated to the employees.
7. Internal audit should realise an analysis and systematically assessment of the main functions within the
entity, but also to the internal control procedures related to them.
8. Internal audit should be a relevant source of information on major fraud and irregularities.
9. The recommendations issued by internal audit should be focused firstly for more effective and efficient use
of resources.
10. Internal audit should made an assessment of the accomplished of corporate goals and objectives.
11. Internal audit assists board/audit committee in self-assessment of its corporate governance effectiveness.
12. Internal audit should develop an internal audit charter complementary with the one of the audit committee.
13. Internal audit should promote to the audit committee the best practices over the internal controls procedures
and risk management.
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