Internal Audit

In today’s regulatory and business landscape, internal audit is no longer a formal obligation—it is a strategic tool. At Vonturm, we deliver internal audit services in Cyprus tailored to the size, complexity, and risk profile of your organization. Whether you are a regulated service provider, a private company, or part of a multinational group, we offer independent assessments of your internal controls, procedures, and compliance systems.

Our approach combines professional scepticism, in-depth knowledge of Cyprus legislation, and international auditing standards (IPPF, IIA), providing practical and actionable insights.

Internal Audit for Regulated Entities

Under Cypriot law and sectoral regulation, several entities are required to maintain an effective internal audit function, including:

• Administrative Service Providers (ASPs) licensed by ICPAC or the Cyprus Bar

• Investment Firms (CIFs) regulated by CySE

• Payment and E-money Institutions under Central Bank supervision

• Insurance Companies and Intermediaries

We assist these entities with:

• Establishing or outsourcing the internal audit function

• Performing risk-based audit cycles and compliance reviews

• Reviewing AML procedures, client onboarding, and ongoing monitoring

• Auditing corporate governance, conflicts of interest, and outsourcing policies

• Assessing adequacy of internal controls and reporting lines

• Preparing reports for the board and regulatory filings

Our audits are tailored to your regulatory framework and aligned with your risk-based approach (RBA).

Internal Audit for Non-Regulated Companies

Even companies outside regulated sectors benefit from independent internal reviews. We offer bespoke audits for:

• Family-owned and privately held businesses

• Real estate developers and construction firms

• International trading and holding companies

• Professional service firms and partnerships

Focus areas include:

• Cashflow management and financial controls

• Procurement and payment cycles

• Inventory and asset control

• Compliance with tax, employment, and data protection laws

• Review of delegated authority and segregation of duties

• Risk registers and business continuity procedures

We identify inefficiencies, potential fraud risks, and non-compliance exposures—providing clear, prioritised recommendations.

Audit Methodology and Reporting

Our internal audit process follows a structured, documented methodology based on best practices from the Institute of Internal Auditors (IIA):

1. Planning & Scoping – Understanding your business model and risk profile

2. Fieldwork – Interviews, document review, sampling, and walkthroughs

3. Evaluation – Gap analysis against laws, policies, and internal procedures

4. Reporting – Clear findings with risk ratings and practical recommendations

5. Follow-up – Assistance in remediation and implementation tracking

Each audit is tailored to your needs and delivered in a format suitable for internal use or presentation to directors, shareholders, or regulators.

Compliance and Governance Advisory

Beyond formal audits, we support organisations in building a robust governance and compliance culture. Our services include:

• Risk mapping and internal control framework design

• Drafting internal policies (code of conduct, whistleblowing, data protection)

• Supporting the Audit Committee and Board of Directors

• Preparing for external statutory audits or supervisory inspections

• Internal audit readiness reviews and stress testing

We act as partners in promoting transparency, accountability, and sustainability across your business.