CYPRUS COMPANY AUDIT

All content presented here is for information purposes only. 

 

 

All Cyprus companies must submit audited accounts to the Cyprus Ministry of Finance. A summary will be published on the website of the Cyprus Registrar of Companies. 

 

Audit services typically include: 

 

  • Statutory audits based on International Accounting Standards (IAS) and accepted Cyprus practice and law; 
     

  • Preparing the Auditor’s Letter to Management in the annual accounting statements; 
     

  • Drafting and finalizing financial statements in line with International Financial Reporting Standards (IFRS); 
     

  • Filing the financial statements with the Cyprus Tax Authority / Ministry of Finance; the Value Added Tax department; the Social Insurance Administration; the Registrar of Companies; the Cyprus Securities and Exchange Commission (CySEC); and other regulators as needed.  

 

The selection of the Cyprus auditor is a critical choice. The auditor must be experienced enough in the business sector of operations, and independent enough to challenge management assumptions and statements. 

 

Auditors and accountants usually offer the same set of services in Cyprus. Selection should be done on the basis of:

 

  • The number of staff available for work and their qualifications; 

  • Language ability;

  • The experience with the specific sector of business operations; 

  • The IT / accounting system used, and the reports it can generate; 

  • Additional IT tools, including use of online calendars, dropbox, task management and equivalent productivity applications; 

  • The physical location of the auditor;

  • Their contact with regulatory authorities;

  • Their real international business experience.