Audit and assurance services

Audit

Based on the Companies Law in Cyprus, every company incorporated in the Republic of Cyprus is obliged to submit annually to the Registrar of Companies and the Inland Revenue its audited financial statements, which must be prepared by licensed auditors eligible to perform statutory audits. Audit licenses are granted, monitored and regulated under the Companies Law and the assigned Regulated Bodies.

Our auditing services may include the following:

• Statutory audits for companies registered in Cyprus
• Audit of financial statements prepared in accordance with International Financial Reporting Standards (IFRS’s)
• Preparation of financial statements and consolidated financial statements in accordance with International Financial Reporting Standards (IFRS’s)
• Internal Audit and Internal Control Audit and advice on the internal control systems of the organization
• Specific purpose audit
• Internal Audit

Internal Audit

Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Regulated and public interest entities are required to have an effective internal audit function as an integral part of their internal control system.

We can provide the following at your request:
• Internal audit and special reports as required by laws and regulations
• Special investigations and/or consultation
• Preparation and documentation of internal procedures and processes in accordance with client needs and in accordance with regulatory bodies’ requirements
• Design and implementation of internal audit programs
• Investigation of internal audit functions
• Audit the current system and highlight areas of improvement
• Preparation of internal audit reports for management use and for company internal audit committees
• Evaluation of the systems in relation to organizations’ risk exposure
• Effectiveness and efficiency of operations
• Reliability and integrity of financial and operational information
• Safeguarding of assets
• Compliance with laws, regulations, and contracts