ÎN CONTEXTUL ATACURILOR ŞI ACTIVITĂŢILOR ILEGALE, SE POATE PUNE ÎNTREBAREA DACĂ COMITETELE DE AUDIT POT CONTRIBUI LA ÎMBUNĂTĂŢIREA RESPONSABILITĂŢII ÎN SECTORUL PUBLIC
IN THE CONTEXT OF ATTACKS AND ILLEGAL ACTIVITIES, THE QUESTION CAN BE RAISED WHETHER AUDIT COMMITTEES CAN CONTRIBUTE TO IMPROVING ACCOUNTABILITY IN THE PUBLIC SECTOR

Summary/Abstract: This paper focuses on the main question of the need for Audit Committees in the public sector in Romania, given the increasing demand for improved quality of service and accountability in the use of public funds. The purpose of the assessment is to evaluate the role of Public Sector Audit Committees in common law practices, advising management on the structures and processes that ensure the integrity of internal accounting, audit, risk management and financial reporting controls. The results indicate that although audit committees are not always a standard practice in every country, they are essential for good governance in the public sector. The absence of such committees can compromise the achievement of good governance objectives such as risk management, assessment of internal controls, provision of adequate information for decision-making and evaluation of internal and external audit performance. The main recommendation of this paper is therefore the establishment of Audit Committees in the public sector. These committees should advise leaders of public organisations on risk exposure, corporate governance and control issues, enhance the professionalism of internal auditors and support a traditional approach to internal financial audit. In addition, they could help maintain auditor independence and increase managerial accountability by strengthening the third line of organisational defence and the additional assurance process.

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