One of the most valuable assets in the world today is trust however it can be one of the hardest things to achieve. Over the years our Audit and Assurance helped to provide comfort and confidence to our clients in a complex and changing business world.
We provide various assurance engagements however audit is the flagship of all assurance services provided by our Firm to companies operating locally and internationally.
Statutory Audit - Audit Firm in Cyprus
In accordance with the Company Law in Cyprus as well as the local tax legislation, every company registered in Cyprus is obliged to file annually audited financial statements to the Registrar of Companies and to the Tax Department. The audit should be performed by a licensed auditor eligible to perform statutory audits in Cyprus.
The law requires these financial statements to be prepared in accordance with International Financial Reporting Standards (IFRS) and audited in accordance with International Standards on Auditing (ISA).
Our approach as a leading audit firm in Cyprus to the statutory audit of the financial statements commences with a thorough understanding of the business and industry of the company, including the internal controls. Our audit is completed by expressing an opinion as to whether the financial statements of the company are presented fairly in all material respects. A management letter will be presented to you to include our findings and suggestions for the improvement of the company’s internal controls and procedures.
Even though auditing and assurance is an annual legal obligation, it can also be an opportunity for your company to obtain an independent financial evaluation, which will assist the long-term viability and profitability of the company.
Our team of qualified auditors at our Cyprus audit firm works to deliver high value in all our assurance services. We aim to stay ahead of the constantly developing requirements and regulations surrounding the financial reporting of companies and to keep up to date with the latest techniques.
International Financial Reporting Standards (IFRS) is the common global financial reporting language. Developments in International Financial Reporting Standards (IFRS) for financial instruments, revenue recognition and leasing have been rapid over the last few years and further waves of change expected in the coming years.
The Cyprus Company Law requires all companies to use International Financial Reporting Standards (IFRS) in the preparation of their financial statements. It is also mandatory in many countries around the world for companies to adapt International Financial Reporting Standards
(IFRS) for their financial statements.
IFRS 16 -The new Leases Standard
IFRS 9 – Financial Instruments
Special purpose audits
We often assist our clients with several non-statutory audit assignments and other specific reviews to meet their specific requirements. Examples of such audits include:
- Special investigations and/or consultations
- Preparation and documentation of internal procedures and processes in accordance with client needs and in accordance with regulations
- Compliance with laws, regulations, and contracts
- Audit the current system of internal controls and highlight areas of improvement
- Design and implementation of internal audit programs
- Preparation of internal audit reports for management use
- Completion accounts prepared by reference to a sale and purchase agreement which is used to determine the final sales price.
- Financial and non-financial information which does not fall under the requirements of Statutory Audit, including reports to regulators.
Regulatory reporting assurance
Regulatory compliance is becoming increasingly complex and demanding. The power and reach of key regulators are ever widening. The penalties imposed and reputational costs to businesses that are found non-compliant can be disastrous.
Within such a regulatory framework, regulated companies have no choice but to implement the highest corporate governance standards and procedures and to ensure that their systems and controls can deal with the demands of a complex and changing business environment.
We have experience with regulated businesses and we can provide advisory and assurance services to regulated businesses in order to help manage regulatory risk.
Our range of regulatory services include:
- Managing your regulatory obligations, assisting and advising you throughout
- Assisting you in developing appropriate corporate governance
- Benchmarking of compliance processes, internal control and quality of reporting
Independent assurance of regulatory and financial reporting, including audit of regulatory reporting and compliance