Accounting and Auditing in Cyprus

Our partners are leading companies in the professional services for business in Cyprus, specializing in accounting and auditing services, as well as tax consulting. This allows us to provide professional services for companies in accounting and financial obligations, timely perform the necessary operations, and most importantly, accompany the business efficiently and optimizing the tax burden on the business.

Our goal is to meet the specific requirements of our corporate and individual clients, providing strategies and approaches that are focused on results, which is achieved by our quick and effective response to changes in international standards in accounting, auditing, taxation and legal regulations. We strive to achieve quality results and provide effective solutions, respecting complete confidentiality, focusing on the needs of our clients.

We believe that providing timely and accurate financial information is critical for companies to:

• improve their control over the legislative side of their activities;
• to ensure the timely delivery of the necessary information;
• avoid manual processing of information and thus reduce the risk of errors (using computer accounting programs);
• ensure and improve information transparency; ensure compliance with local regulations.
  Pursuant to Section 854 of the Companies Act 2006, each company must submit appropriate annual reports to the Registrar of Companies, which are not later than the date specified in the regulation.

The director (s) of the company and the secretary (s) (where they are) are responsible for submitting an annual report to the Company Registration and Liquidation Department within 28 days of the date of incorporation of the company or the date of filing of the last annual report. There are certain legal penalties for the late submission of annual reports. Moreover, there is a possibility that the Registrar of Companies may assume that the company is no longer operational and take steps to remove the company from the Registrar of Companies.

Accounting services

The list of accounting services we offer are provided by our employees with the help of highly qualified and experienced partners:

• Preparation and submission of the annual report;
• Accounting based on computer accounting programs;
• Assistance in installing computer accounting software in the client’s office;
• Personnel training incorrect accounting;
• Payroll execution and administration;
• Preparation of general ledger and financial statements; monthly, quarterly, semi-annual and annual reports on company performance in order to improve company management;
• Maintenance of VAT accounting books;
• Analysis by the terms of debtors’ debt;
• Report on the status of debtors’ accounts;
• Bank reconciliation with monthly bank accounts;
• Reconciliation of the state of accounts of creditors with statements from bank accounts of creditors.
  Audit services Our flexible approach to auditing companies allows us to respond quickly and efficiently to the needs of our clients in a wide variety of business areas. Our audit methodology is not limited to the provision of the final audit report. An overall assessment of the company’s internal governance system, regulatory framework, and financial reporting systems are integral to the service we provide.

Thus, we see our task not only in providing our opinions on the financial statements of our clients but also in providing, as independent experts, advice on a wide range of issues. Our goal is to improve and promote our clients’ business in a stable business environment.

List of audit services offered by our company:

• Statutory audit of financial statements;
• Targeted audit;
• Internal audit;
• Constructive recommendations for the internal management system and operations;
• Tax consulting.