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222 Răvaş, B. assess the appropriateness of reporting lines for risk monitoring activities. review the adequacy and timeliness of reporting on risk management results. Review the completeness of management's risk analysis, actions taken to remedy issues raised by risk management processes, and suggest improvements. determine the effectiveness of management's self-assessment processes through observations, direct tests of control and monitoring procedures, testing the accuracy of information used in monitoring activities, and other appropriate techniques. review risk related issues that may indicate weakness in risk management practices and, as appropriate, discuss with management, the audit committee, and the board of directors. If the auditor believes that management has accepted a level of risk that is inconsistent with the tourism unit's risk management strategy and policies, or that is deemed unacceptable to the tourism unit, the auditor should refer to and any related advices for additional direction. Risk management is a key responsibility of management. To achieve its business objectives, management should ensure that sound risk management processes are in place and functioning. Boards and audit committees have an oversight role to determine that appropriate risk management processes are in place and that these processes are adequate and effective. Internal auditors should assist both management and the audit committee by examining, evaluating, reporting, and recommending improvements on the adequacy and effectiveness of management's risk processes. Management and the board are responsible for their tourism unit's risk management and control processes. However, internal auditors acting in a consulting role can assist the tourism unit in identifying, evaluating, and implementing risk management methodologies and controls to address those risks. REFERENCES: [1]. Batrancea, I.; Dumbravă, P. (2007) Controlul si auditul financiar al entitatii economice, Editura Risoprint, Cluj-Napoca [2]. Brezeanu, P; Braşoveanu, I. (2008) Audit financiar, Editura Cavallioti, Bucuresti [3]. Dănescu, T. (2007) Proceduri si tehnici de audit financiar, Editura Irecson, Bucuresti [4]. Răvaş, B. (2010) Audit financiar, Editura Universitas, Petrosani [5]. Ministerul Finantelor Publice (2002) Norme porfesionale ale auditului intern, Bucuresti
Annals of the University of Petroşani, Economics, 11(1), 2011, 223-234 223 THE UTILITY OF THE BARTER AGREEMENT IN INTERNATIONAL COMMERCIAL TRADE OANA RĂVAŞ * ASTRACT: This paper tries to explain how barter, as an economic institution, can help deal with the problem of contract enforcement across national borders in international trade and within borders in transition economies. KEY WORDS: countertrade; barter; agreement; contract; offset; transaction; negotiation; sales; import; export. JEL CLASSIFICATION: K12, K33. Contracts are essential for many economic activities. Any economic relationship that involves some quid pro quo needs to be supported by some contractual arrangement to make sure that the parties involved abide to their obligations. But contracts are worth only as much as their enforcement can be relied upon. Difficulties in contract enforcement are important impedimentto international transactions in the world economy and to domestic transactions in transition economies. In international trade, national sovereignty interferes with contract enforcement because national borders demarcate national jurisdictions. Such demarcations segment markets and impose severe transaction costs on exchanges across national jurisdictions. The hazards involved in international transactions are often disregarded, but they make headlines each time a sovereign debtor threatens to stop servicing its debt, as it happened in the international debt crisis in the 1980s or in the Russian Financial crisis in 1998. In transition countries, poorly developed legal and financial institutions make contract enforcement unreliable and impose severe transaction costs on any economic activity. These costs become prohibitively large in times of historic change and revolution. * Assist. Prof., Ph.D. Student, University of Petrosani, Romania, oana_dumitrescu13@yahoo.com
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