Today, the General Accountant Rea Georgiou submitted the resignation from the position of the President of the Public Supervision Authority of the Auditing Profession (ADEElep).
Specifically, before the Council of Ministers, the General Accountant Rea Georgiou resigned from the position of the President of the Public Supervision Authority of the Auditing Profession (ADEElep) because according to the relevant opinion of the General Prosecutor's Office of the Republic of from the Ministry of Finance, it seems that the Attorney General is of the opinion that there is a conflict of interest.
ADEElep was informed about the submission of its resignation to the Council of Ministers and issued a relevant announcement stating that it understands the reasons that have led it to this decision.
This is the announcement of R. Geogiou
With absolute respect to the institutions, I have today submitted to the Council of Ministers my resignation from the position of Chairman of the Public Supervisory Authority of the Auditing Profession (ADEElep).
From the opinion of the Legal Adviser of ADEElep, there was no conflict of interest during my appointment to the position of President of ADEElep due to the fact that my brother is a Statutory Auditor and a partner in a Legal Audit Office. Nevertheless, according to the relevant opinion of the General Prosecutor's Office of the Republic, excerpts of which have recently been communicated to me by the Ministry of Finance, it seems that the General Prosecutor's Office is of the opinion that there is a conflict of interest. Therefore, the choice of resignation becomes a one-way street.
It is also understood that, following this development and the relevant opinion of the Attorney General, multiple corresponding “conflict of interest” issues arise in important institutions as well as in professional supervisory bodies. It is obvious that these issues must be resolved in the same context.
I note that ADEElep performs an important task for the Republic of Cyprus, which is recognized both at the level of the European Union and more widely internationally. I also publicly express my warm thanks to the Board of Directors, the Inspectors, the Secretariat of ADEElep as well as to the audit profession as a whole for our excellent cooperation. “
The announcement of ADEElep
Pursuant to Article 9 of the Law on Auditors, ADEElep has been informed today by its President, Mrs. Rea Georgiou, to submit her resignation to the Council of Ministers, respecting the institutions of the Republic, after receiving a relevant letter from the Ministry of Finance , which informed her excerpts from the opinion of the General Prosecutor's Office of the Republic. Mrs. Rea Georgiou throughout her participation in the Board of Directors of ADEElep, served with dedication and zeal the duties and responsibilities of the President of ADEElep, as they result from the acquis communautaire and the National Legislation. With the professionalism and straightforwardness that characterizes her, we understand the reasons that have led her to submit her resignation and we wish her all the best. ADEElep would like to express its warm thanks to Mrs. Georgiou for her contribution as President of ADEELEP, which served fully and reliably the institution of supervision of the Auditing Profession in Cyprus, achieving the provision of strong and solid foundations in the infrastructure and organization of the operation of ADEELEP so that the to offer the maximum possible quality of services as well as to highlight the important work of ADEElep as a Supervisory Authority at National, European and International Level.