Internal audit services

We take care of our partners’ business, identifying the vulnerabilities and removing the risks, ensuring the most efficient internal procedures and also by the concern in identifying opportunities, optimizing solutions and operational efficacy.

Internal audit provides the overview of the whole structure of an entity. The auditor is the one who checks objectively the whole of activities of an entity for the assessment of management processes and risk management.

Purpose of internal audit:

  • identifying and minimizing the risks
  • efficacy of operational flow
  • prevention of errors or frauds
  • enhancement of the management quality and internal control

Internal audit is mandatory for the organizations with annual financial statements that are subject to financial audit.

Financial audit indicators:

  • total assets: 16.000.000 lei
  • net turnover: 32.000.000 lei
  • average number of employees: 50

The subject of audit consists in the entities that, on the date of financial statements, exceed the limits of at least two indicators, in two consecutive financial years.

Internal audit is practiced according to the Rules drawn by the Chamber of Financial Auditors in Romania (CAFR)

The entities subjected to statutory audit, which do not organize and do not ensure the internal audit are sanctioned with a fine between 50,000 lei and 100,000 lei.

Internal audit mission

The internal audit mission supposes several stages:

The first stage is the knowledge of customer’s business, by planning meetings with the entire team and with the managers, in order to understand:
  1. business as a whole, goals and strategy
  2. the way that the departments and information flows are organized
  3. the current control systems and labor and control procedures
  4. software programs used by the company
  5. the main threats and vulnerabilities
The second stage consists in the detailed analysis of labor procedures, analysis of operation of the software programs used and internal control mechanisms.
The third stage consists in the provision by our team of the necessary support in implementing procedures and remedying the deviations found and reported, for the removal of risks and vulnerabilities, enhancement of efficiency in operation of software programs used, enhancement of internal control mechanisms, the final target being the removal of frauds.
The process shall complete by the presentation of an audit report that will detail the issues found and remedial proposals.

Starting with the second cooperation year, the audit contract shall only suppose the provision of monitoring, maintenance and enhancement services of the statement found in the first year of audit.

The client is responsible for the implementation of procedures, tracking their observance and reporting proactively to the audit team any deviation found.

Our team can provide support in the elaboration of procedures appropriate to each company, if they are not present and cannot be elaborated by the internal team.

Who can request our services?

Natural and legal persons and freelancers

Limited liability companies or joint-stock companies

Corporations, groups or representatives