In the recent years internal audit has become a very significant part of every business in the CEE region. However, the influence of the Communist Era puts obstacles ahead of internal auditors as perception of their role is still quite different from that of Western Europe. Sadly, many well established businesses managed by the older generation see the presence of the internal auditors as something negative. They see them not as a source of valuable recommendations but controllers who are only looking for faults in the organisation.

Fortunately, the internal audit department is now present in all three sectors: financial, public and industrial. The top management understands their role and importance. Managing bodies look to internal auditors for business improvement recommendations. After recognising the importance of the internal audit the time has come to meet new challenges.

The aim of this conference is to provide an update on the international internal audit standards, to clarify the role of the internal audit and compliance departments within the organisation, and to explain the relationship between the internal audit department and corporate governance.

After in – depth research with prominent industry leaders, associations and regulators we have discovered a need for deeper understanding and exploring the most pressing issues within internal audit and compliance. Our research shows that there is a need for greater focus on effective risk management; internal audit practitioners require better IT solutions and there is a necessity to understand the major role of the internal audit in battling fraud. Under current situations, marked by the global crisis, effective risk management and complying with much stricter regulations are the most vital for every business.