Nicosia, Cyprus. Internal audit is a critical line of defence against corruption, Finance Minister Makis Keravnos said on Wednesday. Speaking at the general assembly of the Cyprus Association of Internal Auditors on behalf of President Nikos Christodoulides, he described internal audit as a key pillar of public and corporate governance.
Role in governance
Keravnos said internal audit is an important internal function that operates independently in carrying out its work. He said it focuses on providing documented recommendations for corrective action to ensure the efficient and sound operation of organisations.
Response to corruption and mismanagement
He said the importance of internal audit had become even more evident in recent years, partly because of widespread cases of corruption and mismanagement that have drawn international attention. Against that backdrop, he said, internal audit acts as a critical line of defence against corruption.
Importance in the public sector
Keravnos said that, particularly in the public sector, internal audit helps ensure the delivery of high-quality services in an environment that requires constant compliance, transparency and the optimal use of public resources.
Challenges facing the profession
The minister also referred to challenges facing the profession, particularly those linked to technological developments. As a result, he said, the role of the internal auditor is becoming more important and carries greater weight.