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What is the internal audit?

It is a commitment by which the internal auditor evaluates the operational health of the entity, and in the end, issues a report that makes known the risks as well as the appropriate recommendations, for the elimination or diminution of these risks.

Why internal audit is needed?

Internal audit establishes the premises for improvement of existent processes in the entity, through selection of the areas where it may bring value added.
Like multiple activities connected to audit, an approach based on risks is the best modality of selecting the areas that can be improved.
This approach includes the selection of processes which are essential for achieving the entity’s strategy, selection of complex processes which intersects functional lines and selection of processes where exists a general agreement that improvements are required.

There is a legal obligation for internal audit?

All the entities having audited annual financial statements, or which have the obligation to publish the financial audit report, have also the obligation to organize and exercise internal audit activities. Also, for public interest entities is stipulated the obligation of organizing an audit committee.
The failure to comply with these obligations regarding the exercise of the internal audit function is sanctioned with fine from 50.000 lei to 100.000 ron.

What other types of services may be included in the internal audit area?

GSR offers a large variety of services, which may be assimilated to internal audit area:

  1. Review of existent controls in the implementation of a large projects, as well as in the implementation of new IT systems;
  2. Audit of efficiency and efficacity of entity’s activities;
  3. Consultancy and assistance in managing the entity’s risks, their prevention and control, as well as other similar aspects;
  4. Issuance of recommendations for internal controls improvement;
  5. Fraud or potential fraud investigation;
  6. Reconciliation of financial and operational information;
  7. Monitoring of compliance with standards, legislation and directives specific for the industry in which the entity operates;
  8. Valuation of the modality in which the procedures and processes operates within the entity.


GSR may assist the entity in order to create and document the work procedures

Our company through the consultancy engagements may offer advice support to management with the purpose of improving the governance processes, the risk management and the entity controls, without the auditor assuming the management responsibility.


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