INTERNAL AUDIT – A KEY ELEMENT OF CORPORATE
              GOVERNANCE IN CREDIT INSTITUTIONS


               Ciprian Mihăilescu, ″1 Decembrie 1918″ University of Alba Iulia
                  Corina Ducu, ″1 Decembrie 1918″ University of Alba Iulia

ABSTRACT: The world has always been in constant change and evolution, but the rate at
which changes and the evolution of humanity take place has dramatically increased over the
past 70 years. Corporate governance and internal audit profession were no exception, both
evolving with great speed. All changes on the global financial markets in the last 10-15 years
and the multiple crises that the global economy went through during this period produced
multiple mutations both in the internal audit activity and the role that this activity and the
audit committees have in corporate governance. There are several aspects that will
significantly mark internal audit in the 21st century, and the organizations that will take
account of these issues will have an internal audit service that will truly bring them added
value.

Key words: internal audit, corporate governance, risk management, credit institutions.

JEL Code: M4