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Article: Around the globe Cyprus.(auditing)(Brief Article)(Statistical Data Included)
- Article from:
- Internal Auditor
- Article date:
- August 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 Institute of Internal Auditors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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INTERNAL AUDITING IN Cyprus was initiated by the British administration soon after World War II, when the country was still a colony of Great Britain. At that time, most of Cyprus' companies were small- or medium-sized family businesses. Therefore, it is not surprising that internal auditing began in government organizations and major public utilities. Gradually, the profession expanded to the banking and insurance sectors and to a handful of major private companies.
TRUE VALUE
At the initial stages, internal audit shops were small and performed mostly accounting and financial work, providing assurance only to the financial controller. With the passing ...