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The Importance And Role Of Internal Audit Missions Of Stocks

Author

Listed:
  • Maria-Andreia Iliescu (Ristea)

    (University of Craiova, Doctoral School of Economics, Faculty of Economics and Business Administration, Economy Craiova, Romania)

  • Nensi Xhani

    (University of Craiova, Doctoral School of Economics, Faculty of Economics and Business Administration, Economy Craiova, Romania)

  • Marioara Avram

    (University of Craiova, Doctoral School of Economics, Faculty of Economics and Business Administration, Economy Craiova, Romania)

  • Cristian Drăgan

    (University of Craiova, Doctoral School of Economics, Faculty of Economics and Business Administration, Economy Craiova, Romania)

Abstract

In the case of entities with a significant inventory/stocks turnover, the implementation of internal audit function must be a concern of both management and shareholders, in order to prevent and detect the risk of embezzlement of these assets. This procedure must provide assurance that the inventoried stocks are correct and in a proper condition to be used according to their nature in the entity's activity. It is necessary for the entity to implement its own appropriate policies and procedures regarding these categories of assets' management and administration due to the fact that these assets present a very high risk of fraud and, in most cases, this can be provoked even by entity's employees

Suggested Citation

  • Maria-Andreia Iliescu (Ristea) & Nensi Xhani & Marioara Avram & Cristian Drăgan, 2020. "The Importance And Role Of Internal Audit Missions Of Stocks," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 2(48), pages 127-132, December.
    • Handle: RePEc:aio:aucsse:v:2:y:2020:i:48:p:127-132
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    References listed on IDEAS

    as
    1. Clara-Iulia Zinca (Voiculescu), 2016. "Measuring the value of internal audit in the banking industry," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 14(141), pages 1009-1009.
    2. Ionela-Corina CHERSAN, 2016. "Internal audit practices and trends in Romania and worldwide," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 14(141), pages 987-987.
    3. Cristina IOVU, 2017. "Aspects concerning the internal audit of inventories," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 15(146), pages 276-276.
    4. Eugeniu TURLEA & Mihaela MOCANU, 2016. "The profile of the internal auditor in the Romanian banking sector," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 12(143), pages 1235-1235.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    internal audit; stocks; economic entity; financial statements; fraud.;
    All these keywords.

    JEL classification:

    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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