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Published byCory Rodgers Modified over 9 years ago
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THE INSTITUTE OF INTERNAL AUDITORS IN BULGARIA
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The internal audit has been created based on the management’s necessity to have a credible and objective information related to the financial reporting; Subsequently it has been established as a tool for assessment and improvement of the overall management of the organization; It is one of the four elements of Good Corporate Governance structure. The contribution of professional organizations for visibility and transparency governance
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Sound financial management requires that public funds are spent and managed economically, efficiently and effectively; Sound management and transparency are essential for the effective and efficient provision of public services and control over the spending of public funds; Internal control systems guarantee the application of principles of good governance in the public sector. Sound financial management...
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The Internal audit unit should: Be functionally independent of the structure of the organization and is directly subordinate to the supreme governing body; Possess approved Statute and Rules governing its functions and organization; The lines of functional and administrative reporting should be clearly defined; The Audit Committee is the main source and guarantor of its independence. The internal audit is an essential element of internal control systems
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The contribution of the Internal audit for … The guaranteed functional independence combined with professional competency and objectivity of the internal auditors will change actually internal audit into a tool for good governance in the public sector – a tool designed to add value and contributes to improve public services, as well as to protect public interests.
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The Institute of internal auditors Bulgaria as a professional organization contributes to the establishment of internal audit as a tool that improves visibility and transparency of governance such as: Present and promote leading practices in the field of internal audit; Assist in the harmonization of the national legislation in accordance with international requirements and standards; Requires the sharing of ethical norms and values of internal auditors. The IIA Bulgaria and its role in improving visibility and transparency of governance
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