Modul de formare-Managementul resurselor financiare - uefiscdi

this fact it can not be expected to provide relevant advice to the management unless this
committee is independent, diligent, and have relevant and credible information. The audit
committee members must be in a position to confront the management and attract attention to
unfair practices even in successful institutions.
The main task of the audit committee is monitoring the following aspects:
The effectiveness of institution’s risk management, the organization management, control,
and promote economic efficiency (spending money judiciously and economically efficient);
The organization or contracting of the internal audit, includes: a) advising the governing
organism on appointing the internal auditor, b) the control over the nature and scope or the
scope of internal audit, c) the effectiveness of the internal audit;
contracting of external audits, including: a) advising the governing organism on appointing
the external auditor; b) surveillance of nature and scope or the area of external audit, c) the
effectiveness of the external audit process;
audits issues of the financial statements of the institution, include external audit opinion, the
statement of responsibility for preparing the financial statements by management, internal
control statement and any relevant issue referred to in the letter to the external auditors
6.2. Arguments and solutions to enhance the internal audit based on risk analysis in public
and private universities in Romania
Legal arguments:
– for public universities: the Ministry of Finance Order 946/2005 for the approval of the
Internal control code, including the management/internal control standards at public entities
developed management control systems; the Law on public internal audit number 672/2002,
Ministry of Finance Order number 38 / 2003 approved the Methodological Norms for applying
the law on public internal audit, the Ministry of Finance Order 1702/2005 that approved the
Rules for the organization and pursuit of counselling activity conducted by internal auditors in
public entities.
- for private universities: the provisions of Article 160 para. (2) of the Companies Law number
31/1990, as amended by Law number 441/2006 (the financial statements of companies that fall
under the scope of accounting regulations harmonized with EU directives and international
accounting standards will be audited by financial auditors - physical or legal persons - in the
conditions provided by law. The companies whose financial statements are subject by law or
decision of shareholders, financial audit, will organize internal audit according to rules
developed by the Chamber of Financial Auditors of Romania);
According to OMFP no. 946/2005, the internal control
Are the policies and procedures designed and implemented by the management and staff of the
public entity, to provide reasonable assurance for:
- Achieving the company objectives in an economic, efficient and effective manner;
- Complying with external rules and management policies and rules;
- Protection of assets and information;
- Prevent and detect fraud and errors;
- Quality of accounting documents and timely production of reliable information
concerning the financial and management segment.
The management control standards are grouped in five key elements:
▪ The control environment – groups the issues related to organization, human/ethics
resources management, deontology and integrity.
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