Having strong internal control systems is also a great way to
secure growth and scalability
What is an internal audit?
An internal audit is an independent review of the internal
control factions of an organisation by a regulated audit and
assurance firm.
Are you required to have an internal audit?
If you are licensed by the Cyprus Securities and
Exchange Commission (CySEC) or by the Central Bank of
Cyprus then you are required to have an internal audit on an annual
basis. The internal audit function must be outsourced to a
regulated audit and assurance firm.
Internal audit is also a very good practice undertaken by larger
organisations usually which have more than 100 employees in Cyprus
as it provides extra assurance or it pinpoints specific weaknesses
of their internal control functions.
