The crucial role of internal audit in the effort to combat corruption was underlined by the Deputy Minister of Research, Innovation and Digital Policy Kyriakos Kokkinos, stressing that the State remains on the side of internal auditors "in today's challenging reality".
Greeting on behalf of the President of the Republic the 24th Annual General Assembly of the Cyprus Association of Internal Auditors, Mr. Kokkinos stressed that the use of technology plays a catalytic role in fulfilling the State's vision "for a modern rule of law, with meritocracy, reliability and transparency."
Saying that the commitment of the Republic of Cyprus to effectively tackle corruption is a given, Kokkinos added that the series of policies and measures to prevent and combat the phenomenon that the Government has already promoted is a tangible confirmation.
He referred, inter alia, to the establishment of the Independent Authority against Corruption and the drafting of a National Strategy against Corruption, in the context of implementing a structured, comprehensive plan of response.
"Through the adoption of laws and reforms promoted in the House of Representatives", he added, "the legislative framework for fighting corruption has already started to be strengthened, shielding the Republic of Cyprus and enhancing the image of our country at home and abroad".
In this effort, he said, the crucial role of internal audit as an institutionalized role in any modern organization should be highlighted and further strengthened. "Not so much as a control mechanism, but as a tool to protect organisations, prevent and address the ever increasing and evolving risks and challenges faced by today's businesses, and of course the state," he added.
In this context, the Deputy Minister of Research said, internal audit has assumed an important and upgraded role, achieving real added value for each organisation and for the economy as a whole.
"The Cyprus of tomorrow requires a new way of thinking, modern business models and innovative practices, as well as new skills that keep pace with the needs of the times and the scope and pace of the technological revolution taking place globally," he said.
To this end, he referred to technological developments such as artificial intelligence, big data and the internet of things, which "offer an unprecedented opportunity to modernise the internal audit profession through the automation and optimisation of processes in areas such as governance, privacy and security, as well as the development of new methods of communication and collaboration, information sharing and data analysis critical to the future of an organisation."
Mr. Kokkinos also stressed that a catalyst in this journey is the investment in human resources, in you, the professionals in the field, the agents of the change we seek to achieve.
"Enriching the knowledge and skills of internal audit professionals, particularly with regard to the use and exploitation of new technologies - AI, data analysis, etc. - is highly relevant to the new role of internal audit in any organization."
In conclusion, Kokkinos assured that the State remains on the side of the profession, actively supporting the upgrading of the role and recognition of the work of internal audit professionals in today's challenging reality.
"Together we can modernize the sector and establish sustainable business models that promote transparency and are based on good governance best practices," he said."
Source: CNA
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