Our assurance outsourcing specialists provide a key source of independent assurance, objective advice and support over the full spectrum of advisory services for internal audit, the quality of internal control, financial due diligence for potential investors and Anti Money laundering risk assessments.

Internal audit

For every business internal audit is an assurance and consulting activity that adds value and improves an organization’s operations.

Regulated and public interest entities are required to have an effective internal audit function as an integral part of their internal control system. 

The nature of our service will be dictated by your needs and the agreed terms of our engagement. It can range from complete outsourcing to periodic quality review of your existing internal audit arrangements. 

Internal controls

By combining our knowledge of financial, strategic, operational and compliance risks with our deep internal controls experience, we can help you assess your internal controls and develop a risk-focused internal control program that will help enhance your process and control efficiencies so that you meet your reporting and regulatory compliance needs.

Financial Due Diligence

Potential investors often feel a level of comfort when their potential investment is audited.  However, relying solely on the audited financial statements when making an investment decision may be shortsighted. Audited financial statements often do not identify significant issues likely to be of interest to a buyer or seller.

Our specialist staff will ensure that the due diligence strategy satisfies your specific requirements and tailor the scope of the work to the agreed terms of our engagement.

Financial due diligence focuses on providing potential investors with an understanding of various aspects of the company including the following:

  • Assessing sustainable profits and reconciliations of cash flows
  • Analyzing profitability by business segment, customer, product, or service
  • Historical sales and operating expense trends
  • Assessing a target’s working capital components to determine working capital requirements.
  • Analyzing reserves, accruals and liabilities both on and off balance sheet
  • Understanding the quality of the assets
  • Key assumptions used in management’s forecasts
  • Key personnel and accounting information systems

Although audits may provide a starting point for a potential investor’s evaluation of a company, they generally do not comment on the focus areas noted above.

Anti-Money Laundering

The fight to deter money laundering and terrorist financing has been a high priority of law enforcement agencies and financial regulators around the globe. Laws and regulations become more demanding aiming to provide a stronger framework to address new threats to the international financial system. 

To successfully follow a risk-based approach, institutions need to perform thorough and regular AML risk assessments and implement adequate controls to mitigate their risks. Know-Your Customer (“KYC”) specific procedures, including enhanced due diligence for high-risk customers remain a critical requirement. Senior management are increasingly seeking to build integrated, risk-based and efficient AML compliance control programmes.

Our AML specialists can help you to:

  • Perform an AML risk assessment in line with regulatory requirements and best practices
  • Review your policies and procedures (e.g. AML Policy) to ensure compliance with the regulatory requirements
  • Improve the function and performance of your suspicious activity monitoring systems and processes
  • Improve the quality of AML internal audits
  • Design and implement effective customer due diligence processes
  • Perform background checks on legal or physical persons to support KYC procedures
  • Train management and employees on topics ranging from specific aspects of compliance to regulatory expectations
  • Create effective and sustainable AML compliance control programs

UBO Register Services

On 16 December 2020, the Council of Ministers of Cyprus resolved and passed into law the following:

  • The appointment of the Registrar of Companies and Official Receiver (the “RoC and Official Receiver”) as the competent authority for the maintenance of the central register of UBOs and the authorization of the RoC and Official Receiver to proceed with the collection of information in relation to the UBOs through the relevant interim reporting system developed by the RoC and Official Receiver

The Registrar of Companies announced that the collection of data for companies will begin on 16 March 2021 and companies will be granted a period of 6 months from that date (until 17 September 2021) during which to register the information about the UBOs into the relevant interim reporting system.

Access to the interim reporting system is limited to competent authorities only, upon submission of a request to the Registrar of Companies. Consequently, the UBO information entered into the interim system shall not be publicly available.

The information collected will be transferred to the final reporting system following its development, which will commence in the second half of 2021. Access to the final system will be based on the provisions of the 5th European Directive (EU 2018/843) of the European Parliament regarding the prevention of money laundering and terrorist financing (the “5th EU AML Directive”), and certain information will be publicly available.

A UBO is defined as any natural person who ultimately owns or controls the entity in question through direct or indirect ownership of a sufficient percentage (usually more than 25%) of the shares, voting rights, or ownership interest in that entity, or who exercises such control via other means. If no natural person has such qualifying ownership or control, the natural person(s) holding the position of senior managing official(s) will be reported.

The UBO information to be collected and registered will comprise of the UBO’s:

  • Name
  • Month and year of birth
  • Nationality
  • Country of residence and
  • Nature and extent of the beneficial interest held

Financial Services

Our financial advisory specialists provide both strategic and optimal solutions to support your requirements for:

Mergers and Acquisitions (M&A)

We offer the complete range of financial advisory services to implement your cross-border M&A strategy for your company in Cyprus or EU. We support you all the way whether you are selling or buying. 

Valuation Services

The valuation of business interests and related assets in the context of financial reporting, tax, corporate transactions and legal disputes is at the center of many important strategies and financial decisions.

Our business valuation services include share and business valuations, tangible and intangible assets valuations, issuance of new shares, liquidation, goodwill and intangible assets impairment tests.

Our business valuation services include share and business valuations, tangible and intangible assets valuations, issuance of new shares, liquidation, goodwill and intangible assets impairment tests.

Insolvency services

If you want to close down voluntarily your company for whatever reason, we will provide full support together with our legal associates, to ensure that all steps of the voluntary dissolution are properly followed. Our services include the following:

  • Tax clearance certificates
  • Closing down application to be submitted to the court by our legal associates
  • Preparation of shareholder’s resolution for the termination of the operations
  • Preparation and filing of the latest final financial statements

Financial restructuring

We assist the client in preparing the business plan that is the foundation of the restructuring plan and to provide all the necessary information and analytics required by the credit institution and the regulators as part of the credit approval process. 

Business Plans/ Feasibility studies

We prepare Business Plans, Feasibility Studies, and Financial Projections for the existing operations of your business or in the context of any business project, business restructuring and expansion of your business.

Your Professional Business Partners