Cyprus Central Bank Highlights Risks of Internal Audit Requirements

According to the analysis of Constantinos Trikoupis, the director of internal audit at the Cyprus Central Bank, new international internal audit requirements can strengthen public trust but create new demands for auditors. Internal audit helps protect public trust, one of the most valuable assets of public institutions. However, with increasing responsibility and scrutiny, the role and requirements of internal audit are changing. New requirements related to societal needs, cyber security, third-party risk, organizational behavior, and organizational agility emphasize the importance of internal audit.