Definition

Internal audit is an independent, objective and consulting activity designed to add value and to improve the operations of the Cyprus University of Technology. It helps the University to achieve its objectives by adopting a systematic and professional approach to evaluate and improve the effectiveness of management and control systems, risk management and governance processes.

Mission

Mission of the Internal Audit Department is to provide independent and objective assessment of internal management and control systems, risk management and governance processes, contributing effectively and efficiently to achieve the objectives of the University.

Objectives

The objectives of the Internal Audit include:

• Independent feeding and guide of the University management and bodies with the necessary data, information and suggestions for taking appropriate corrective measures and decisions.
• Independent and objective assessment of University Compliance with Laws, Regulations, Rules, Circulars and Decisions of Bodies / Committees and other institutions.
• Securing Institutions and Principles of Good Management.
• Ensuring the efficient use and management of financial resources of the University.
• Preserving e and safeguarding the University assets.
• Checking the efficient and effective functioning of the University's activities, with a view to their future improvement.
• Checking the adequacy and effectiveness of procedures, safety valves, internal control systems, strategies and management of high-risk areas.
• Controlling the IT systems and controls incorporated in them, in order to support the processes and goals of the University.

Organization

The Internal Auditor refers to the Audit Committee of Council and Board. In regards to service issues (e.g. leave of absence, etc.) the Internal Auditor addresses the  Administration and Finance Director .