Speaking on behalf of the President, Finance Minister Makis Keravnos emphasized that internal audit is a critical line of defense against mismanagement, urging transparency and adaptability amid evolving technological challenges.

A Pillar of Public and Corporate Governance

Internal audit serves as a critical line of defence against corruption, Finance Minister Makis Keravnos said on Wednesday in an address to the General Assembly of the Cyprus Institute of Internal Auditors.

Speaking on behalf of President Nikos Christodoulides, Keravnos said that internal audit is “one of the key pillars of public and corporate governance”.

“It is an important internal function that works with operational independence in the exercise of its duties,” he noted.

Rebuilding Trust Amid Mismanagement

Keravnos added that internal audit focuses on providing evidence-based recommendations for corrective action aimed at ensuring the smooth and efficient operation of organisations.

“The importance of internal audit has become even more evident in recent years, particularly in light of widespread cases of corruption and mismanagement that have attracted international attention,” he said.

“Against this backdrop, internal audit serves as a critical line of defence against corruption,” the Finance Minister pointed out.

Safeguarding Resources and Meeting Tech Challenges

“Particularly in the public sector, internal audit helps ensure the delivery of high-quality services in an environment that requires continuous compliance, transparency and the optimal use of public resources,” Keravnos said.

Internal audit faces numerous challenges today, particularly as a result of technological developments, he went on to say, concluding that “as a result, the role of the internal auditor is becoming increasingly important.”

Source: CNA(ΚΥΠΕ)