I Adoption of Mandatory Guidance Rules from the International Professional Practice of Internal Audit Practice, 2017 Edition
(IPPF 2017) issued by the Institute of Internal Auditors (Global IIA)
According to Government Emergency Ordinance no. 75/1999, amended and supplemented by the Law no. 162/2017, on the statutory audit of the annual accounts and the consolidated accounts and amending certain enactments (Law 162/2017 ), the internal audit activity is organized and performed in accordance with the International Standards on Internal Audit issued by the Institute of Internal Auditors of the United States of America (Global IIA) and adopted by the Chamber.
Thus, the regulations applicable to the internal audit activity in entities falling under Law 162/2017 must ensure compliance with the requirements of the International Professional Practice Framework (IPPF) issued and updated by Global IIA in 2016, which entered into force in 2017.
By the Decision of the CAFR Council no. 111 of December 6, 2017, published in the Official Journal of Romania, Part I, No. 7 of January 4, 2018, the Mandatory Guidance Rules of the International Professional Practice of Internal Audit, 2017 edition (IPPF 2017) issued by the Institute of Internal Auditors Global II).
Mandatory Guidance Rules provide the legal framework for the internal audit activity and will be applied in full for internal audit missions, other than public internal audits, coordinated by financial auditors, members of the Romanian Chamber of Financial Auditors who have the status of active financial auditors.
Mandatory Guidance Rules are translated into Romanian by the Association of Internal Auditors in Romania and published on the Global IIA website, with the following structure:
– Core Principles for the Professional Practice of Internal Audit;
– Definition of Internal Audit;
– Code of Ethics;
– International Standards for Professional Practice of Internal Auditing (Standards).