Nicosia: 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 emphasized that internal audit is "one of the key pillars of public and corporate governance."
According to Cyprus News Agency, Keravnos highlighted that internal audit is an essential internal function operating with operational independence in carrying out its duties. The focus is on providing evidence-based recommendations for corrective actions to ensure the smooth and efficient operation of organizations.
Keravnos added that the significance of internal audit has become increasingly apparent in recent years, especially considering the widespread cases of corruption and mismanagement that have garnered international attention. He reiterated, "Against this backdrop, internal audit serves as a critical line of defence against corruption."
In particular, within the public sector, Keravnos noted that internal audit is instrumental in ensuring the delivery of high-quality services in an environment that demands continuous compliance, transparency, and optimal use of public resources.
Keravnos also acknowledged the numerous challenges faced by internal audit today, especially due to technological developments. He concluded by stating that "as a result, the role of the internal auditor is becoming increasingly important."