ICPAC and IIA Cyprus renew partnership to enhance governance standards

The Institute of Certified Public Accountants of Cyprus (ICPAC) and the Cyprus Institute of Internal Auditors (IIA Cyprus) have renewed their partnership, signing a Memorandum of Understanding (MoU) that reinforces their joint commitment to advancing principles of good governance, transparency, and accountability within the financial sector.

The MoU was formalised by Kyriakos Iordanou, the general manager of ICPAC, and Aristodemos Yiannaka, president of IIA Cyprus. This agreement aims to fortify the strategic alliance between the two bodies, which share a mutual goal of enhancing the roles of internal audit and the overall audit function in organisational settings.

A primary focus of their expanded collaboration will be on continuous professional training and the exchange of knowledge among their members. This initiative seeks to develop a more robust framework for corporate governance in Cyprus. The agreement highlights particular efforts related to strengthening mechanisms designed to prevent and combat financial crime, which is seen as crucial in safeguarding the integrity of the country's financial landscape.

As part of this renewed focus, ICPAC and IIA Cyprus plan to jointly develop specialised education and training programmes. They also intend to co-organise conferences and scientific events aimed at promoting best practices in corporate governance. Through these initiatives, both organisations aim to bolster the professional competencies of their members and enhance their contributions to creating a reliable and modern business and economic environment in Cyprus.