The Importance Of Audit And Internal Control Within An Organization

The information provided by the audit and the internal managerial control offers to the management of the organization the possibility to consolidate its managerial decisions regarding the activity plan, the organization and coordination of the organization's structures, the exact determination of the responsibilities on structures and persons involved in the activities of the organization. The construction and proper functioning of this process, which is a long-lasting one, requires collective and individual efforts so that it can be adapted to the specificity and size of the organization as much as possible, but with due respect for applicable legal provisions and general principles of good practice. The Code of Internal Control of Public Entities has been revised and currently includes 16 Management Standards. Starting from these standards, the entity organizes its own internal management control system, adapted to its specificity and size, according to the particularities of the legal framework of organization and functioning, establishing the necessary measures for the implementation and development of the internal managerial control system, including updating of risk registers and process procedures. Finally, the result of this research is to identify the implementation strategy of the internal managerial control system with the support of internal audit so that it becomes effective and reduce risk-mitigation at an acceptable level and regularly monitor its effective functioning within the organization.