Internal audit serves as a critical line of defence against corruption, Finance Minister Makis Keravnos said on Wednesday.

Addressing the general assembly of the Cyprus Association of Internal Auditors on behalf of President Nikos Christodoulides, Keravnos described internal audit as one of the key pillars of public and corporate governance.

“It is an important internal function which operates with independence in the way it carries out its work,” he said.

Keravnos said internal audit focuses on providing documented recommendations for corrective action aimed at ensuring the efficient and sound operation of organisations.

He added that its importance had become even more evident in recent years, partly due to widespread cases of corruption and mismanagement that have attracted international attention.

“Against this backdrop, internal audit acts as a critical line of defence against corruption,” he said.

The minister added 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.

Keravnos also pointed to the challenges facing the profession, particularly those arising from technological developments.

“As a result, the role of the internal auditor is becoming even more important and carries greater weight,” he said.