THE COMMUNICATION OF INTERNAL CONTROL SYSTEM WEAKNESSES - NECESSITY AND RESPONSIBILITY

Abstract

In terms of its mission, the control is an inherent part of management, being a specifically human activity, especially useful serving both the management, business partners, public institutions and public. Especially in the last period, amid the economic and financial crisis manifested in recent years, the control has evolved and evolving both by the improvement of organization and management systems and by the response to continuous development of the environment in which it operates. The control activities are an integral part of the management process by which the entity aims to achieve their objectives. The research methodology consists essentially in a literature review and recent regulations in the analyzed field.The objective of this study is to highlight the way in which shall be communicated the deficiencies of internal control systems, to the persons responsible for their governance, inclusively in the banking system.

Keywords

• internal control
• audit
• internal audit
• banking system
• risk management