The implementation of the internal audit in the public sector from Romania

In compliance with the European requirements, Romania started implementing internal audit in the public sector in 1999 through the reform at the level of the Public Internal Financial Control System. To set the startegic directions on a short and medium term for public internal financial control in Romania, the Strategy for Developing the Public Internal Financial Control in Romania has been developed and it was finalised in October 2001. This document set up the architecture for the new internal audit system in the public sector. Negociations for Chapter 28 – Financial Control started during the Intergovernmental Conference Romania – EU from June 28th 2002, in compliance with the Common Position of the European Union, and the implementation of the Action Plan for the new system was done in several stages: a) Setting up the legal framework for internal audit, including norms and procedures; b) Institution building, namely reengineering the old internal control structures; c) Professional training; d) Strengthening the internal audit activity by raising the awareness of the management on the internal audit role; After analising the current stage of implementation for internal audit in the public sector, we may conclude that Romania is on the right track, supporting the set-up and strengthening of the internal audit function at the level of the entities, in accordance with the good practice in the field. To conclude, the efforts made to harmonise the national legislation in this field with the acquis communautaire should proceed, focusing on even stricter requirements, so that an harmonisation between the Romanian legislative framework, the European Union directives and the International Audit Standards may be achieved.internal audit, reformof the public financial control, public sector.

THE GLOBAL FINANCIAL CRISIS AS INCENTIVE FOR ENHANCING ASSURANCE FOR FINANCIAL REPORTING

The article aims to analyze world-wide financial crisis’ impact and implications asregards assurance for financial reporting, starting with and comparing reactions of internationalaccounting and audit professional organizations, as regards possible accounting professional’scontributions to economical stability, and establishes the global crisis as incentive for enhancingassurance for financial reporting.assurance, financial reporting, economical global crisis;