1. Introduction

At the European Union level, it is essential to have a uniform and coherent approach to effectively treat the weaknesses related to corporate governance. Divergent rules adopted by the Member States may lead to the need for regulatory arbitrage, which could undermine the internal market or create new obstacles to the proper functioning of the latter. The role of internal audit regarding the corporate governance and the current crisis requires for certain recommendations related to some measures that should aim at both outlining the corporative governance framework and avoiding to take excessive risks through (Balaceanu, 2012): • increase of efficiency related to monitoring the risks assumed by councils; • improvement of risk administration status and assurance of efficient surveillance provided by the risk governance superintendents The recent changes of the corporate governance concept in the U.S.A, Canada and U.K. try to improve the role of Audit Committe. In its communication since 4 March 2009, the European Commission announced that it would examine practices and rules of corporate governance within the international financial institutions, in the context of the financial crisis, and, where appropriate, would make recommendations or propose regulatory measures.