AUDIT OR NOT - ALTERNATIVE PROCEDURES
Overview
The audit requirement in Cyprus is not compulsory taking into consideration the following criteria. The non-audit requirement is applicable for companies with year end 31 December 2022 and after. In the addition, the following criteria should be met for at least 2 consecutive years. As alternative to audit is the assurance review.
Note: The assurance review should be performed by a statutory auditor or an audit firm according to the Auditors Law 2017.
For Companies
- Net Turnover for the year under review should not exceed the amount of EUR200,000
- Total Assets in the balance sheet do not exceed the amount of EUR500,000
- The Company does not belong to a group where the parent company has obligation to prepare consolidated financial statements
- The company is not regulated and supervised by (i) Central Bank of Cyprus (ii) Cyprus Securities and Exchange Commission (iii) Commissioner of Insurance OR does noy hold any qualifying participation in those types of companies.
For self-employed (individuals)
- Net Turnover for the year under review is above EUR70,000 but it should not exceed the amount of EUR200,000
- Total Assets in the balance sheet do not exceed the amount of EUR500,000
Glossary
Net Turnover: Includes also type of income (i.e. finance and investing income, interest, revenue, rent)
Assets: You should include the gross amount without netting off the liabilities and/or any general impairment provision.
Disclaimer: The information provided in this article /page is for general awareness and is not intended to be and do not constitute a professional advice.