Internal Audit and Good Governance: The Role of IIA Bulgaria
Enhance governance transparency with insights on internal audit from the Institute of Internal Auditors in Bulgaria. Learn about the importance of sound financial management, professional organizations, and internal control systems. Discover how the internal audit contributes to good governance in the public sector.
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Presentation Transcript
THE INSTITUTE OF INTERNAL AUDITORS IN BULGARIA
The contribution of professional organizations for visibility and transparency governance 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.
Sound financial management ... Sound financial management requires thatpublic 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.
The internal audit is an essential element of internal control systems 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 contribution of the Internal audit for The guaranteed functional independence combined with professional competencyand 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 andcontributes to improve public services, as well as to protect public interests.
The IIA Bulgaria and its role in improving visibility and transparency of governance 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.
