Internal audit analysis in monitoring of public finances : the case of Kosovo

Abstract

Purpose: Internal auditing has recently become a profession with great potential and each time is being developed and improved to extend its impact to a better management of public money. So, in recent years we see an evolution of function of internal audit as elsewhere in Kosovo, becoming an element of important public internal financial control.

Methodology: Data sources from the accounts of one were used to carry out the work significant samples of budget organizations in the Republic of Kosovo as well as a questionnaire dedicated to this topic. Secondary data are also used as laws, regulations, guidelines, standards, codes of ethics, and best professional practices for internal audit, as well as the way budgets are spent in certain organizations budgets also reflected in the external audits that have been done over the years.

Findings: This paper describes and analyzes the current state of internal audit in monitoring of public finances, looking at it from a normative point of view, implementing institutional capacity and to the concrete effects that this important function of the link gives to the view of public finance surveillance.

Originality/Value: Aware that the internal audit function is not the only instrument of public finance oversight, above all it has an important role to play within the public sector organization and aims at advisory activity independent and objective in providing reasonable assurance, aimed at adding value and improving the functioning of the public sector entity, namely the budget organization. It also assists the subject in meeting the objectives, providing a systematic approach to discipline, evaluate and improve the effectiveness of management processes risk, control and governance in general.