Statutory audit
The annual audit Cyprus companies are generally required to file, with the opinion signed by the firm.
A statutory audit signed in-house.
Statutory and special-purpose audits, reviews and agreed-upon procedures, delivered by an ICPAC practising certificate holder. Cyprus companies are generally required to file audited accounts.
The full range, from the statutory obligation to a targeted piece of work.
Special-purpose audits
Audits for grants, contracts or a specific stakeholder who needs assurance on something narrower.
Review engagements
Limited assurance through enquiry and analysis, where a full audit is not required.
Agreed-upon procedures
Targeted procedures on a specific area, reported as factual findings rather than an opinion.
Group and consolidation
Audit of group accounts and consolidations, including components in other jurisdictions.
Internal control reviews
An assessment of the controls, with recommendations you can actually act on before next year.
What the obligation is, and what shortens it.
Obligation
Generally required
Cyprus companies must prepare audited financial statements
Audit licence
Held in-house
The opinion is signed by the firm, not referred to a third party
Audit or review
Different assurance
An audit tests in detail; a review is enquiry and analysis
Clean books
Faster, cheaper
An audit costs more when the records have to be rebuilt first
Four steps, in this order, every time.
- 01
Plan
We scope the audit and assess where the risk actually sits, rather than testing everything equally.
- 02
Test
We test transactions, balances and controls, and raise questions early instead of at the end.
- 03
Report
We issue the opinion and the findings, on a timeline that feeds your filings rather than following them.
- 04
Advise
We tell you what to fix so next year's audit is shorter, which is the part most auditors leave out.
If yours is not here, it is one email away.
Cyprus companies are generally required to prepare audited financial statements. We confirm your obligation against your specific circumstances and handle the audit itself.
An audit provides reasonable assurance through detailed testing of transactions, balances and controls. A review provides limited assurance through enquiry and analytical procedures. A review is cheaper and faster, and it is only appropriate where nothing obliges you to have an audit.
Yes. We handle the handover, including the professional clearance and the opening-balance work. The main thing that determines how disruptive it is is the state of the prior year's file.
We can prepare the financial statements and audit them, or audit statements you provide, subject to the independence rules that apply to the engagement. We will tell you up front which applies to your situation.
An audit is easier when the books already work.
Most of the cost and most of the delay in an audit comes from records that have to be reconstructed. Talk to us before year end rather than after it.
No slide deck. No obligation.