RISK ASSESSMENT OF THE INTERNAL MANAGEMENT CONTROL SYSTEM AT THE PLANNING OF THE INTERNAL PUBLIC AUDIT ACTIVITY

Public internal audit is for providing advice and providing objective assurance on the effectiveness of the internal managerial control system by providing recommendations for improving it. The activity of public internal audit is independent and objective and its activities are planned for long, medium and short periods. Planning the public internal audit activity involves a general strategy based on the entity's major risk analysis that may affect the achievement of the entity's planned objectives over a period of time to achieve performance and optimize resource utilization. The planning of the audit activity ensures the efficient and timely accomplishment of its activities within a well-defined time period, through a detailed approach regarding the nature, duration and coverage of the audit and the work load achieved. The topic addressed in this article refers to the way of planning the activity of the internal public audit and models for the risk assessment of internal managerial control.