Company Audit Service in Cyprus

  • Sara Starovlah
    Sara
    Sara started her accountancy career with Deloitte and continued with the firm post qualification to take responsibility for dealing with both local and international clients in sectors including shipping, trading and retailing, manufacturing, financing and investment companies. Sara now advises individuals and companies on matters of incorporation, taxation as well as mergers and acquisitions. She is a member of the Institute of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Cyprus (ICPAC).

Audit Requirements in Cyprus

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.

 

Our Audit Service

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.

 

Client Testimonials

Of course, it is always prudent to consider real, honest testimonials from English-speaking individuals and businesses operating abroad before choosing a professional that will be pivotal in your future success.

Below are real testimonials from previous clients who have sourced tax and accounting services in Europe via Advocate Abroad® (placed by the the clients themselves directly onto the Wufoo client survey platform):

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    Cheryl, Seville
    female
    Monday, May 28, 2018
    Miguel was helpful and kind. We will use his service in the future.
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    Caroline R, Barcelona
    female
    Tuesday, April 24, 2018
    Miguel has been great!

    His English is excellent, he explains everything clearly, emails when he says he will, and is very efficient in the service he provides.

    I'd definitely recommend him to ...friends.
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    SH, England
    Friday, April 20, 2018
    Very satisfied with the service provided. Miguel was approachable and prompt in replying.
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    A. Kavanagh, Glasgow
    Thursday, March 15, 2018
    Miguel provided a great service and fully explained to me about the procedures with tax & business registration. My emails and questions where always answered straight away with an immediate response ...or solution.

    Very helpful and very friendly I would definitely recommend to anyone considering using Advocate Abroad
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    A.Kavanagh, Glasgow
    Friday, March 09, 2018
    Rosa was exceptional at helping me setting up my business abroad.

    This was a big move for me and Rosa fully explained everything to me in detail so I had a full and clear understanding of the lega...l side of things as well as always promptly responding to any emails or questions I had.

    I couldn’t of asked for a better lawyer and I would 100% recommend Rosa to anyone who is deciding to move abroad.

    Great service could not be happier.
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    Gavin Jones, UK
    Monday, February 19, 2018
    It was a real pleasure to have Miguel working on my behalf to file my non-resident taxes. He was extremely helpful, gave reassuring advice and I had a high level of confidence in the transactions.

    ...Miguel is now acting as my fiscal representative in Spain and I plan to continue to use his firm's services for all my tax requirements.
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    Ali Hashemi, Alicante
    Wednesday, February 14, 2018
    Rafael was extremely helpful, accommodating and understanding. He couldn't have done more.
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    Richard Quick, Estepona
    Sunday, February 04, 2018
    I was particularly impressed by Miguel's approachability & professionalism, excellent service!
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    Francis Dale, Marbella
    Thursday, December 21, 2017
    Very helpful, quick to respond and very knowledgeable.
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    Bart Cuyvers, Belgium
    Wednesday, December 20, 2017
    The service we received was perfect!
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    S Crawford, Alhaurín El Grande
    Wednesday, November 22, 2017
    Miguel was quick to respond to questions, professional, personable, knowledgeable. Very Satisfied with the service.
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    Bruce and Susan Moore, England
    Tuesday, October 31, 2017
    Great responsive and assured service
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    Hugh and Ann Morgan, Palma de Mallorca
    couple
    Monday, October 30, 2017
    His command of English is First Class.

    He demonstrated the highest level of professionalism and efficiency and l would have no hesitation in using him again or recommending him to any of my collea...gues or friends

    Competent, capable value for money FIRST CLASS and a credit to the organisation
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    Anthony Bennett, Barcelona
    Thursday, October 19, 2017
    Anna provided the best possible solution for me in my situation, and helped out as much as she possibly could. I would recommend her services to anybody seeking legal or financial advice.
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    Carlos Pelaez, London
    Monday, July 03, 2017
    She was friendly and attentive at all times, quick answers on whatsapp app and always up to help and answer my questions. I'm pretty satisfied with her service.
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    Amy Wahba, Barcelona
    female
    Monday, March 06, 2017
    She was understanding and tried to maintain positive always even when doors closed in our face. She is always smiling and tried to find solutions to my problems which kept me always at rest.
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    Richard Whiteside, Lucena
    Monday, February 20, 2017
    Miguel has provided an excellent service, helping me sort out my tax and social security obligations as an ‘autonomo’.

    He is always prompt with his answers to my questions, he offers timely adv...ice and always makes sure that I am prepared in advance.

    His English level is excellent and I will continue to use his service in the future.
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    Robert Toth, Ireland
    Thursday, February 09, 2017
    Anna was very, very helpful, always happy to assist and also approachable and professional. I was very satisfied with the legal services.
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    Saeid Aboutalebian, Iran
    Wednesday, February 08, 2017
    Everything is good about Anna. She is very friendly. And I definitely would use the same lawyer again in the future.
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    Fiona Murie, UK
    female
    Wednesday, November 09, 2016
    Miguel has always been extremely approachable, helpful and given sound advice. He has kept us informed at every stage and quickly answered questions to help us make informed decisions.

    We feel like... we have had value for money and will definitely use Miguel as our only lawyer for all Spanish business.
    He has been fantastic! Very professional
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    JS, Barcelona
    Friday, May 20, 2016
    Miguel is extremely helpful, couldn’t have done more. He is also responsive, transparent and informative.
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    Sharon Janet, Stoke-On-Trent
    female
    Wednesday, April 06, 2016
    Miguel was always available to discuss any issues we had.

    Excellent service more than happy and will be going back to him with and future legal issues. I would advise anyone to deal with this pract...ice more than accommodating.
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    AJH Platino Servicios, S.L., Tenerife
    Tuesday, March 31, 2015
    To date these are routine services but he appears to be up to date with the latest legislation and the advice we have received thus far has appeared sensible to me. As we begin to explore what our com...pany might do I am sure we can make it a little more challenging for him!
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    Marian O’Dwyer, Alhama Granada
    female
    Monday, March 30, 2015
    Prompt, professional, friendly, explained everything clearly, went above and beyond the necessary to make things easy.
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    Kevin Neylon, Poland
    Monday, February 23, 2015
    Jaime was very responsive, represented value for money and was very professional and helpful. I was very satisfied with his advice.
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    P.T., Benalmadena
    Thursday, January 15, 2015
    All tax returns are handled online, so I don't need to go anywhere to accomplish my tax obligations in Spain. Although the service is provided mainly by internet, Jaime met me when necessary, and I ca...n always contact quickly him or his team by phone, email, skype and even whatsapp.

    Jaime and his team have been really helpful during the setting-up process of my business.
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    Nikolay Denev, Cádiz
    Thursday, November 20, 2014
    I was very satisfied with the short time it took to set-up my documents and register me as autonomo initially.
    Now I'm happy with the service, and if I have any questions I have them answered quickly... and the answers are always easy to understand.

    The service represents excellent value for money.
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    H R Crowther, Huddersfield
    Monday, November 10, 2014
    Prompt response followed by confirmatary e-mails. Very approachable, and inspired confidence. Good value for money. Very satisfied and would definitely use the service again.
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    Florian Burkart, Barcelona
    Friday, September 05, 2014
    What we like about the service from Advocate Abroad: - Very knowledgeable and competent - Very friendly and helpful - Very good English and reasonable prices - Not trying to rip us off
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    B Clarke, Jayena
    Friday, February 14, 2014
    Jaime was extremely helpful and professional. He was happy to meet all of our requests and made our transaction extremely simple. Everything was explained clearly and all of our questions were answere...d.

    We also felt that the service provided to us, offered great value for money and we would highly recommend Jaime to other individuals.

If you would like to discuss your business plans in Cyprus in greater depth, contact us on or telephone  +357 2200 8799 (Cyprus) or 0800 098 8033  (UK), or via the email form below.

 

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