According to the Cyprus law, the Directors are responsible for the preparation of financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap 113. The financial statements must be audited by certified auditors in accordance with the International Standards on Auditing. The auditors should express an opinion as to whether the financial statements give a true and fair view and also confirm that proper books of account have been kept and that the financial statements comply with the Cyprus Companies Law, Cap. 113.
The audited financial statements must be submitted to the Cyprus Registrar of Companies together with the company Annual Return.
The auditors should also sign and submit the annual Tax Return to the Cyprus Tax Authorities.
Audit & Assurance Services
Through our team of qualified auditors we provide our services with an aim to assist our clients to improve their accounting and internal control systems in addition to statutory audit requirements. With an in depth evaluation of our clients’ systems and the information gathered during the course of our service we give recommendations and advice which help them to manage their businesses in a more efficient and cost effective way.
Our services in this field include:
- Statutory audit based on the International Auditing Standards (IAS).
- Preparation of company and consolidated financial statements in accordance with International Financial Reporting Standards (IFRS).
- Evaluation of the company‘s internal control systems based on a risk based approach; identification of risks and recommendations for managing and mitigating those risks.
- Compliance audit.
- Special purpose audit.
For THP Panayiotides Ltd, the audit is an opportunity for us to understand your organisation in its entirety. Although checking and verification are important, the audit is more than just a compliance exercise. We want to work alongside you and your business so we can pre-empt any potential issues and address them early.
Our audit teams are partner-led and we adopt a personal hands-on approach to the relationship. Our teams use their sector specific knowledge to bring value to the audit process.
We understand that managing your finances is a key part of your business, especially as business risks have become more challenging in recent years. Our teams are alert to opportunities to improve systems and internal controls and reduce your commercial risks.