Audit and assurance services
As independent auditors, we offer audit and assurance services. We assist our clients to comply with the Cyprus Company Law (Cap 113). According to the Companies Law 113, all registered companies in Cyprus have a legal obligation to submit its audited financial statements and the annual return (HE32) to the Registrar of Companies. Annual Tax return should be submitted based on the same Financial Statements submitted to the Registrar of Companies.
For the audit of the financial statements and the issuance of the audit opinion, there is a requirement to follow the International Standards of auditing (ISA). International Standards of auditing (ISA) are issued by the International Auditing and Assurance Standard Board. The financial statements should be prepared under IFRS. At the same time should be in line with the Cyprus Companies Law 113 which includes the provisions of the EU Accounting directive (2013/34/EU).
We offer the following services:
- External audit and assurance of the Financial statements (note 1) and issuance of our audit report as per Cyprus Company Law requirements.
- Special purpose audit (i.e. fraud investigation, disputes services) according to the client request and purpose.
- Audit quality review (note 2)
1. Directors of the Company are responsible for the preparation and approval of the Financial Statements. Due to the complexity of the matter, we prepare the draft Financial Statements which are subjected to review and approval by the directors of the Company.
2. We offer these services to existing audit firms located in Cyprus.
Important update: The audit requirement in Cyprus is not compulsory taking into consideration a number of criteria are met. The non-audit requirement is applicable for companies and individuals (self-employed) with year end 31 December 2022 and after. Because of this change, we have uploaded an article with this information and the criteria. Click HERE for the article.