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Performing an Audit in Cyprus

Performing an Audit in Cyprus

Cyprus is an attractive investment destination. The favorable taxation regime, combined with the policies for doing business and the EU membership make the country an ideal place to base a business. 

Performing an audit in Cyprus is mandatory for companies and the assessment must be made according to the International Standards on Auditing.

Our Cypriot accountants offer complete auditing services, combined with the preparation of the financial statements and other related services.

Auditing process in Cyprus

Companies in Cyprus are required to submit an annual auditor’s report together with other annual returns and financial statements. Previously, the requirements for an audit did not apply to small companies, however, starting with 2016 this is mandatory for all business entities. In case you need other types of services, for example legal services in Sweden, we recommend our partners.

The list below is a summary of the main steps that need to be observed when performing an audit in Cyprus:

  1. Document submission: the auditor will request all of the needed documents that may include the previous audit report, the company’s financial records, bank statements, and others.
  2. The audit plan: once the certified auditor has received the requested information, he drafts the audit plan.
  3. Meeting with the company representatives: the auditor will have a meeting with the company managers and will present the main identified issues
  4. Review: the auditor will review the procedures and processes that take place in the company and will look out for any non-compliance issues.
  5. The report: nonce the investigative phase is complete, the auditor will prepare a final report that details the findings.

Auditing requirements and laws in Cyprus

The main law governing the manner in which an audit is performed is the Auditor’s Law and the auditing profession is regulated, with individuals being licensed by the relevant state authorities. 

The team at our Cypriot accounting firm works with accountants and auditors that have been licensed and hold either a general practice certificate or an auditing practice certificate.

Investors who wish to know more about investments in this country and the requirements for doing business can reach out to our accountants in Cyprus.

Cyprus is an attractive business destination in Europe and also a location that offers facile access not only to the EU but also to Africa and Asia.

At our Cypriot accounting firm, we offer professional services for companies of all sizes and in all business sectors. Contact us for a complete list of our services that also include auditing.