• Sara Starovlah
    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).

Cyprus Auditors

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.

 

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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