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Implementation Of Internal Control Systems Necessity To Reduce The Risk Of Denaturation In Audit

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  • Florin BOGHEAN

    (“Ştefan cel Mare†University of Suceava, Romania)

  • Ioana Diana CHIHAI

    (“Ştefan cel Mare†University of Suceava, Romania)

Abstract

Internal control is the process designed, implemented, and maintained by those charged with governance, management, and other personnel to provide reasonable assurance as to the achievement of an entity's objectives regarding the credibility of financial reporting, the efficiency and effectiveness of operations, and compliance with laws and regulations. The applicable regulations to identify and evaluate the risks of significant distortion by understanding the entity and its environment. In this research, we will highlight the elements of a risk-based internal control system that will bring benefits to an entity: efficiency and effectiveness of operations, the credibility of financial reporting, compliance with applicable legislation and regulations.

Suggested Citation

  • Florin BOGHEAN & Ioana Diana CHIHAI, 2021. "Implementation Of Internal Control Systems Necessity To Reduce The Risk Of Denaturation In Audit," The USV Annals of Economics and Public Administration, Stefan cel Mare University of Suceava, Romania, Faculty of Economics and Public Administration, vol. 21(1(33)), pages 130-136, June.
    • Handle: RePEc:scm:usvaep:v:21:y:2021:i:1(33):p:130-136
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