With the Public Financial Management and Control Law No. 5018, it is envisaged to establish an internal audit activity directly reporting to the top manager (rector in universities) within the body of public administrations.
Internal auditing is an independent objective assurance and consulting activity to evaluate whether the resources are managed in accordance with the principles of economy, effectiveness and efficiency in order to add value and improve the work of the public administration, and to provide guidance.
This activity is carried out with a systematic, continuous and disciplined approach to evaluate and improve the effectiveness of management, control and risk management processes of administrations and in accordance with generally accepted standards.
Different qualities and features of the internal audit function that are not included in the current audit understanding and practice:
- Internal auditing is performed by certified internal auditors.
- Internal audit covers all financial and non-financial transactions of the organization.
- Internal auditing is carried out according to internationally accepted standards under the coordination and guidance of the Internal Audit Coordination Board.
- Internal auditing is carried out according to risk-focused audit plans and programs prepared by the internal audit unit and approved by the top manager.
- Internal auditing is carried out with a systematic, continuous and disciplined approach.
- Internal audit activity is carried out in accordance with the principle of functional independence.