Home Part 4 AUDIT FUNCTION ROLE IN ACHIEVING AN EFFICIENT CORPORATE GOVERNANCE – CONCEPTUAL MODEL PROPOSAL

 

Melinda Timea Fülop

 Babes –Bolyai University of Cluj-Napoca,

Faculty of Economic Sciences and Business Administration

Str. Teodor Mihali, Nr. 58-60 400591, Cluj Napoca, Romania

Tel: +40.264 41 86 52/3/4/5 Fax: +40.264 41 25 70, email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Abstract

Nowadays corporate governance plays an important role in decisions making processes, which represents a relatively new approach for both Romanian scientific studies and practice. As a consequence we consider the increased attention given to corporate governance to be crucial, especially addressing the role of the audit function and the importance of the corporate governance code. Audit function is of particular practical importance in corporate governance, therefore we decided meticulously to consider it, and especially to develop a conceptual framework for its role in support of an effective corporate governance. We consider that there are two levels and seven key elements utilized in order to achieve an effective corporate governance. In conclusion, audit function as a whole, with an active role in improving corporate governance, should perform correlated in terms of its components: internal audit, external audit and audit committees.

Keywords: internal audit, external audit, audit committee, corporate governance, financial information

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