Internal Audit Department : Optimal international practices
The implemented practices, precede many internal control departments and are aligned with those followed by large organizations abroad
The Internal Audit Department of the Bank of Cyprus, fully adopts and implements optimal internal audit practices, according to an External Quality Assessment, carried out by a well-known professional services provider.
The evaluation is carried out every five years and aims to strengthen the activities of the Internal Audit Department, improve its effectiveness and efficiency, as well as the successful implementation of its practices.
This external assessment focused, in particular, on the Internal Audit Department’s compliance with the IIA Standards and the International Professional Practices Framework (IPPF), its performance and effectiveness compared to similar companies abroad, as well as its level of knowledge on the industry’s best practices.
According to the conclusions of the assessment, the Internal Audit Department complies with the IIA Standards, the IPPF, as well as with the Institute of Internal Auditors’ Code of Ethics, and is now professionally mature. It also noted that the practices which are implemented, precede many internal control departments and are aligned, to a large extent, with those followed by the largest organizations abroad.
Mr. George Zornas, Director Internal Audit, commented on the findings of the evaluation: “The assessment is very important as it helps the Internal Audit Department to ensure that it fulfils its mission of protecting and enhancing the value of the organization by providing objective assurance based on risk assessment and advisory services".