Audit in Cyprus
Searching for Audit in Cyprus Service? Customer reviews to help you select from the best, most experienced Accountants in Cyprus
Highly professional, efficient service. Response to our urgent email almost immediately. Our lawyer, very approachable and helpful with the handling of this case and intercepting everything into Engli... [read more]
Highly professional, efficient service. Response to our urgent email almost immediately. Our lawyer, very approachable and helpful with the handling of this case and intercepting everything into English for us. The service provided was excellent value for money.
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Excellent service, very quick to explain all procedures and possible outcomes. Once our lawyer began, the service was extremely professional and thorough, with clear communication at every stage. The... [read more]
Excellent service, very quick to explain all procedures and possible outcomes. Once our lawyer began, the service was extremely professional and thorough, with clear communication at every stage. The problem was dealt with in a very short time, I could not ask for better or more professional service.
I found my lawyer to be prompt with all responses. My requirement was identified and understood, and I was advised of any potential complications. I found the service provided to be both professional... [read more]
I found my lawyer to be prompt with all responses. My requirement was identified and understood, and I was advised of any potential complications. I found the service provided to be both professional and approachable. Overall, I was very pleased with the service!
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10 years ago
European Countries
successfully managed
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?
Our Accountants
Savvas left Deloitte in 2019 at the level of Director. He has now established his own accounting firm, which has three Partners. He holds a BA (Hons) degree in Accounting and Finance and he is a fellow member of the Association of Chartered Certified Accountants (ACCA) and a member of the Institute ... [read more]
Savvas left Deloitte in 2019 at the level of Director. He has now established his own accounting firm, which has three Partners. He holds a BA (Hons) degree in Accounting and Finance and he is a fellow member of the Association of Chartered Certified Accountants (ACCA) and a member of the Institute of Certified Public Accountants of Cyprus (ICPAC). He joined Deloitte in 2005 after he finished his studies in the UK. Savvas was a member of the IFRS Consultation Centre of Deloitte Cyprus and specialized in the audit of large local and international companies in the following industries; Shipping, Manufacturing, Oil and Gas, Hotel, Investment Holdings, etc. Savvas gained extensive experience in taxation and consultation of business including financial advisory.
