RISK BASED INTERNAL AUDIT: PERSEPCTIVES OFFERED TO CORPORATIONS AND BANKS

Internal audit aims at providing an independent opinion about whether the objectivesof one institution are achieved, and if not to define the circumstance that hinder fromaccomplishing them. In the context of value addition to the organization, there is increasingpressure for addressing exposure to risks, regulatory requirements for risk assessment andquantification play in these sense a great role. The shift from a traditional approach on internalaudit is required by current trends of corporate governance and risk management. In this paper wepropose a procedural guidance framework on how to address problems regarding operational riskinternal auditing by stressing particularities of banking organization working on Romanianterritory. Our conclusions draw attention to the fact that acknowledging the regulation effortsundertaken by supervision authority for efficient risk management, a risk based internal audit canbe implemented having in mind the advantages that this form of audit involves.