Audit & Assurance

Audit & Assurance Services

Through our team of qualified auditors we provide our services with an aim to assist our clients to improve their accounting and internal control systems in addition to statutory audit requirements.  With an in depth evaluation of our clients’ systems and the information gathered during the course of our service we give recommendations and advice which help them to manage their businesses in a more efficient and cost effective way.

Audit and assurance services we provide include the following:

Statutory Audit of the Financial Statements

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According to the Cyprus law, the Directors are responsible for the preparation of financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap 113. The financial statements must be audited by certified auditors in accordance with the International Standards on Auditing. The auditors should express an opinion as to whether the financial statements give a true and fair view. Also they should confirm that proper books of account have been kept and that the financial statements comply with the Cyprus Companies Law, Cap. 113.

The audited financial statements must be submitted to the Cyprus Registrar of Companies together with the company’s Annual Return.

The auditors should also sign and submit the annual Tax Return to the Cyprus Tax Authorities.

Assistance in the preparation of Financial Statements

It is the directors’ responsibility to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs). However, we assist our clients with the preparation of the financial statements and through a detailed examination and review, we ensure that the International Financial Reporting Standards (IFRS) and all necessary disclosures have been properly followed and disclosed in accordance with the requirements of the European Union (EU) and the Cyprus Companies Law, Cap 113.

Internal Audit

Internal audit is a service we provide to help the companies to put in place and maintain the necessary and appropriate internal controls in their organisations and evaluate the efficiency and effectiveness of the current and future corporate governance.

We will also provide specific consultation in respect of risk management and control policies to help an organisation to accomplish its strategic objectives and we advise on how to manage and deal with the current and future demanding economic environment changes and risks, which are directly or indirectly associated with the organisations’ activities.

Specific Purpose Audit

Except from the statutory audit of the financial statements which is required by law for Cyprus companies, we also offer our clients specific purpose audit services, where we may issue a report connected to a specific matter, as requested by our client. Specific purpose audit can include any kind of financial information, from a single type of transaction to whole sectors of the organisations as well as reporting on agreements or contractual rights and obligations of our client.

Statutory Audit of the Financial Statements

The uncertainty in the worldwide economic environment, has led to discouragement of expansion of businesses through investments and business cooperation, resulting to loss of many great opportunities for expansion and development. In order to eliminate this threat and uncertainty, due diligence procedures are designed and performed to provide assurance whether a future acquisition or cooperation should be completed.

We can provide a full, detailed and inside report, within strict time limits, for an organization, person, business unit, or entity and we provide professional advice in respect of our clients’ possible future business acquisitions or potential financial or contractual cooperation with third parties.

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