How should the Academic World get ready for the future, considering the foresight about the profession? What are the innovative solutions?

Transcription

1 How should the Academic World get ready for the future, considering the foresight about the profession? What are the innovative solutions? Dr. Ec. Iuliana Cristina Anastasia Panaitescu Accounting Expert, Financial Auditor, Head of Internal Audit Istanbul 6 May

2 Romania is just like Turkey, bordering the Black Sea and has as its neighbors Bulgaria, Ukraine, Hungary, Serbia and Moldova. Together with Turkey we are involved in the Black Sea Cross Border Cooperation project 2

3 Regional Development Agency South -East Coordinates regional development projects and manages funds from the European Union allocated for the region (for infrastructure, business support, social services, urban development, tourism, job creation, local development projects and aid for SMEs. ) Is the Intermediate Body for the Regional Operational Programm in the South-East Region, organizing and managing the program implementation. The South-East region is made up of the following counties: Braila, Buzau, Constanta, Galati, Tulcea, Vrancea. 3

4 Management System for Implementing European Funds Ministry of European Funds (coordination for the implementation of Partrership Agreement) European Commission Ministry European Funds Managing Authority Ministry for Regional Development and Public Administrations Managing Authority Ministry of Agriculture and Rural Development Managing Authority MA for large infrastructure OP MA for Human Capital OP MA for Competitiveness OP MA for Tehnical Assistence MA for Regional OP Regional Operational Program MA for Administrative Capacity OP MA for ETC OPS Intermediate Body SE RDA Rural Development POS Fishing POS 4

5 All the players that are involved in the audit process -Audit structure for EU Funds in Romania - The flow of EU funds is very well audited. European Court of Auditors (ECA) Independent audit by the Audit Authority European Commission DG Auditors Systems audits Audit Authority Certifying Authority Managing Authority (RDA SE) Internal audit Unit located Intermediate Body BENEFICIARY Annual accounts, certification of expenditure, IT system Manage OP, verify delivery, declaration, Anti-fraud measures Functions delegated by MA or CA We undertak Operational Audit-projects (Internal audit IB ) 5

6 Internal audit in Romania: The internal audit activity has been introduced in the public sector of Romania 17 years ago. Internal Audit nowadays is applied: In Private sector procedures are in compliance with international Internal Auditing Standards Banks Other (large)companies In Public sector- Procedures are based on the internal audit law, but are in compliance with international Internal Auditing Standards Line ministries All main budget spenders State-owned companies Municipalities 6

7 Public Internal Audit in Romania is organized as follows: The Central Harmonization Unit for Internal Public Audit (CHUIPA)- Located in the Ministry of Public Finance Responsible for implementing a harmonized strategy of public internal audit Also responsible for methodology, training, certification and quality control of internal audit The Public Internal Audit Committee (PIAC) Consultative character Established with CHUIPA The internal audit departments within the public entities : line ministries, subordinated entities and state owned companies Organizations of Public interest Non-governmental organizations involved in EU funds (Regional Development Agency) 7

8 Internal audit education and certification in Romania: Universities There is no program 100 % dedicated to internal audit. Internal audit is usually one of the subtopics of a financial audit program or course. They have relationships / cooperation agreements with national professional bodies. Internships with KPMG, Deloitte and other companies. Private sector Internal Auditors Association of Romania (A.A.I.R.) The association is affiliated to The Institute of Internal Auditors and the European Confederation of Institutes of Internal Auditing- organizes CIA certification Banking Association training CECCAR - Body of Expert and Licensed Accountants of Romania training and certification CAFR - Chamber of Financial Auditors of Romania training and certification Public sector Central Harmonization Unit for Public Internal Audit (CHUPIA) within the Ministry of Public Finance 8

9 CECCAR: Body of Expert and Licensed Accountants of Romania EXCELLENCE IN PROFESSIONAL AND PERSONAL DEVELOPMENT! Collaboration with TÜRMOB - Chamber of Certified Chartered Accountants in Turkey CECCAR is the representative organism of the accountancy profession in Romania Represented in all 42 counties of our country by means of territorial branches Promotes the importance of the continuous enhancement of competences Access to profession authorized accountant and expert accountant (Admission Exam, 3 years of practical training, Final Exam on variety of skills ) Skill-specific professional development by a tutor during the 3 rd year of practical training or participation in The National Program for Continuous Professional Development at CECCAR Audit and certification discipline Internal audit classes - according to CECCAR professional standard #36 Body of Expert and Licensed Accountants of Romania can apply for internal audit profession (only for internal auditors ) 9

10 Chamber of Financial Auditors of Romania (CAFR) The mission of the Chamber of Financial Auditors of Romania (CAFR) is to build on a solid ground, the identity and the public recognition of the financial audit profession in Romania. Access to profession- Financial auditors (Admission Exam, 3 years of practical training, Skills Exam ) Skill-specific professional development by a traineeship supervisor during the 3 rd year and participation in the Continuous training program at CAFR Continuous training program Internal Audit Discipline Chamber of Financial Auditors of Romania (CAFR) members can apply for internal audit profession (for the Head of internal audit department) 10

11 Innovative Solutions I believe our internal auditors are pretty well trained in internal audit techniques, but the risk and control culture of our companies and our public sector did not evolve as fast as internal audit. It is difficult for internal audit to operate in an environment that is not ready for it. Internal audit should focus on techniques how to change the culture of organizations. 11

12 Innovative Solutions I believe our internal auditors need to receive in-depth training on essential soft skills: 1. Persuasion techniques 2. Psychology 3. Conflict handling 4. Analytical thinking 5. Presentation techniques 6. Reporting skills But, our universities should provide general courses on internal audit principles and techniques, and in addition 1. Modular courses on specific business environments (public sector, financial sector, manufacturing, tourism, transport, healthcare, etc.) 2. Modular courses on specific business processes (procurement, sales, capital expenditures, mergers and acquisitions, strategic planning) 12

13 Thank you! It was a pleasure meeting you. 13