Proceedings

Table 5 Application of the proposed internal audit practices
No. Actual application of internal audit practices
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 financial-accounting 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 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.
14 Internal audit should discussed with the audit
committee the internal audit plan, major
findings that have resulted from internal audit
work activities, but also major information
about the monitoring of follow-up of audit
findings.
15 Internal audit should include in the internal
audit plan, the objectives that are referring at
the providing of accurate and transparent
information.
~ 58 ~
Response options
(1) (2) (3) (4) (5)
Total
0% 4% 37% 42% 17% 100%
0% 4% 50% 29% 17% 100%
8% 17% 38% 29% 8% 100%
0% 4% 38% 33% 25% 100%
0% 8% 42% 38% 13% 100%
13% 17% 33% 29% 8% 100%
4% 8% 33% 46% 8% 100%
4% 4% 42% 29% 21% 100%
0% 4% 42% 25% 29% 100%
8% 8% 54% 21% 8% 100%
17% 17% 42% 21% 4% 100%
21% 8% 46% 25% 0% 100%
8% 13% 38% 42% 0% 100%
8% 4% 17% 42% 29% 100%
13% 4% 38% 33% 13% 100%