Audit in Cyprus

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Tina Shiels (Sep, 06 2019)
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Service Details

Audit

This service is available across Cyprus

Requirements

All companies must prepare and submit annually to the Registrar of Companies, Financial Statements prepared according to International Financial Reporting Standards (IFRS) showing the true and fair picture of the affairs of the company and explaining its transactions.

From 2016 onwards all companies in Cyprus, including small/dormant companies, are subject to statutory audit and the exception that existed previously has now been abolished.

Categories Of Companies In Cyprus

The criteria for categorizing companies according to their size have been established and are summarized below:

Small Companies

Small companies are defined as being the companies which as of their reporting date do not exceed at least two of the following three criteria:

• Total gross assets: €4 million
• Net Turnover: €8 million
• Average number of employees during the financial year: less than 50

Medium-sized companies

Medium-sized companies are defined as being the companies which as of their reporting date, do not exceed at least two of the following three criteria:

• Total gross assets: €20 million
• Net Turnover: €40 million
• Average number of employees during the financial year: less than 250

Large companies

Large companies are defined as being the companies which as of their reporting date, exceed at least two of the following three criteria:
• Total gross assets: €20 million
• Net Turnover: €40 million
• Average number of employees during the financial year: more than 250

* Note that ‘Net Turnover’ is defined as amounts derived from the sale/provision of products/services after deducting returns/rebates and VAT.

What Does This Service Consist Of?

Below are the details of our Auditing Service:

  • Our qualified auditors prepare the audit of Financial Statements that includes the examination and verification of a company’s financial and accounting records and supporting documents.
  • All companies that are registered in Cyprus must prepare and submit to Cyprus authorities Audited Financial Statements every year. As required by Cyprus Companies Law the Audited Financial Statements must be submitted every year to Inland Revenue Department and to Registrar of Companies.
  • We prepare the Financial Statements in accordance with International Finance Reporting Standards as well as the Audit Reports in accordance with the International standards of Auditing.
  • Audit provides to every business the opportunity to improve company’s effectiveness and reliability. Furthermore as external Auditors we form an independent opinion on the Financial Statements.

Fees

The cost of our audit service will depend on the size and scope of the business activities that need to be audited, though start at around 800€ + VAT. Please contact us by phone or the form below to arrange a quick estimate.

Free Support Services Included

When combined with the free and innovative Advocate Abroad support services you can be sure that you are obtaining completely transparent legal services from registered and regulated English-speaking lawyers abroad.These support services include:

  • Verification of the regulatory status of your professional.
  • Fees as recommended by the Local Professional Body
  • Fees specified in advance and legally guaranteed.
  • Service levels agreed in advance and guaranteed.
  • All professionals must hold professional indemnity insurance.
  • Professionals' proficiency in English monitored.
  • Continuous quality controls and reviews.

Why choose Advocate Abroad?

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