Audit Firm Cyprus

Audit Services in Cyprus

An effective audit requires more than a year-end set of figures. It requires complete accounting records, verifiable evidence and early identification of matters that could delay completion or affect the financial statements.

Our approach is evidence-led and proportionate to the company’s activities and risks. We set out the information required, explain unresolved matters and keep management informed throughout the engagement.

Our audit approach

• Engagement planning and understanding of the business
• Risk assessment and audit planning
• Review of accounting records and financial statement disclosures
• Testing of revenue, expenses, banks, payroll and material balances
• Related-party and director-balance review
• Going-concern and subsequent-events procedures
• Clear pending-item schedules and completion reporting

Who this service is for

The service is intended for Cyprus companies requiring an orderly, well-supported audit process and for groups that need dependable local reporting information.

• Trading and service companies
• Holding and investment companies
• Cyprus subsidiaries of international groups
• Businesses with related-party financing or cross-border activity
• Companies changing accountant or preparing after a delayed year-end

How we work

1. Planning

We obtain background information, prior financial statements and the trial balance, identify significant risks and agree the timetable.

2. Evidence request

A focused request list covers bank records, invoices, contracts, payroll, tax, related parties and other material balances.

3. Fieldwork and resolution

Evidence is tested and exceptions are discussed promptly. Unsupported matters remain open until adequate evidence or an appropriate reporting conclusion is reached.

4. Completion

Final financial statements, representations and outstanding matters are reviewed before the engagement is concluded.

Connected services

Many engagements cross more than one accounting, tax or company-administration area. Relevant support includes:

• Accounting services
• Tax advisory
• Transfer pricing
• AML and compliance

Frequently asked questions

When should audit preparation begin?

Preparation should begin before the reporting deadline. Early planning gives management time to resolve missing records, confirmations, reconciliations and disclosure matters.

Can you audit records prepared by another accountant?

The accounting function may be maintained internally or by another provider. The audit engagement and independence requirements must be assessed before work starts.

What causes most audit delays?

Common causes include unreconciled bank balances, missing invoices or agreements, unclear related-party transactions, incomplete payroll records and late financial statement information.

What happens when evidence is unavailable?

We first consider reasonable alternative procedures. If sufficient appropriate evidence cannot be obtained, the effect on the financial statements and audit reporting must be assessed.

Discuss your requirements

Provide the company name, financial year, business activity, latest trial balance and current financial statements. We will confirm the preliminary information needed to assess the engagement and timetable.

Contact our Limassol office or call +357 99 141822.