Valences considering the identification of risks in terms of public internal audit

Risks get new valences into the public sector within an economy characterized by resource limitation, increase of public exigency regarding services and diversification of the activities in the public sector entities. By carrying out this fundamental research we consider the problem of classification of risks from point of view of public internal audit. This study is based on a synthesis of the ideas published by national and international accounting regulators, accounting bodies and works put forward on the matter. We define the concept of risk, identify the types of risks in terms of public internal audit at European and national level, we determine the correlation between the audit risk optimization and the expedience of public financing use and propose a model to evaluate risks.