RISK BASED INTERNAL AUDIT: PERSEPCTIVES OFFERED TO
                    CORPORATIONS AND BANKS

                    Tatiana Danescu, “Petru Maior” University of Târgu Mureş
                 Anca Oltean (Muntean), “Petru Maior” University of Târgu Mureş
                     Raluca Sandru, “Petru Maior” University of Târgu Mureş


ABSTRACT: Internal audit aims at providing an independent opinion about whether the objectives
of one institution are achieved, and if not to define the circumstance that hinder from
accomplishing them. In the context of value addition to the organization, there is increasing
pressure for addressing exposure to risks, regulatory requirements for risk assessment and
quantification play in these sense a great role. The shift from a traditional approach on internal
audit is required by current trends of corporate governance and risk management. In this paper we
propose a procedural guidance framework on how to address problems regarding operational risk
internal auditing by stressing particularities of banking organization working on Romanian
territory. Our conclusions draw attention to the fact that acknowledging the regulation efforts
undertaken by supervision authority for efficient risk management, a risk based internal audit can
be implemented having in mind the advantages that this form of audit involves.

Key words: Based Internal Audit, Internal Controls, Risk Assessment, Risk Management,

JEL codes: G32