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The Internal Control System Of The Credit Institutions

Author

Listed:
  • Mariana VLAD

    () („Stefan cel Mare” University of Suceava, Romania)

  • Mihaela TULVINSCHI

    () („Stefan cel Mare” University of Suceava, Romania)

Abstract

Effective internal controls are the foundation of safe and sound banking. A properly designed and consistently enforced system of operational and financial internal control helps a bank’s board of directors and management safeguard the bank’s resources, produce reliable financial reports, and comply with laws and regulations. Effective internal control also reduces the possibility of significant errors and irregularities and assists in their timely detection when they do occur. A bank’s board of directors and senior management cannot delegate their responsibilities for establishing, maintaining, and operating an effective system of internal control. The board must ensure that senior management regularly verifies the integrity of the bank’s internal control. Although internal control and internal audit are closely related, they are distinct from each other.

Suggested Citation

  • Mariana VLAD & Mihaela TULVINSCHI, 2010. "The Internal Control System Of The Credit Institutions," The Annals of the "Stefan cel Mare" University of Suceava. Fascicle of The Faculty of Economics and Public Administration, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration, vol. 10(1(11)), pages 163-169, June.
  • Handle: RePEc:scm:ausvfe:v:10:y:2010:i:1(11):p:163-169
    as

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    File URL: http://www.seap.usv.ro/annals/arhiva/ANNALS%20VOL.10,NR.1(11),2010%20fulltext.pdf
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