our-cyprus-services

 I. AUDIT & ASSURANCE

a) External Auditing (Statutory & Non-statutory)

• External audit is the process of independent evaluation of the company’s financial statements by a qualified independent third party: the external auditor.
• An audit is a legal requirement and essentially determines whether an entity is providing a true and fair view of its financial performance and position.
• As auditors of your company, we will arrange to make the audit as efficient as possible.
• By doing it this way we are able offer constructive feedback on your internal systems and processes to make the audit more efficient in the future.
• Audit is the best level of assurance an entity can obtain over their financial statements, and for this reason many organisations choose to have an audit voluntarily, as in the following cases:

-To lend credibility to financial statements in the eyes of the tax authorities, finance providers and other business partners who may be seeking credit references. Adding credibility to financial statements is also crucial if you ever wish to sell the company or, perhaps, take it to the stock market.
-To raise the possibility of deterring or discovering fraud.
-To fix operating inefficiencies, improve overall productivity and increase your profit margin.

b) Financial Statements Review

• This type of assurance provides comfort in knowing that an independent accountant has reviewed the financial information that the organisation is providing.
• External audits and reviews of financial statements are two distinct services. Procedures for conducting a review of financial statements are in general limited to analytical procedures and inquiry of management, as well as obtaining management representations of the completeness of the information provided.
• As a rule, audit is a more complex and time-consuming task, but provides reasonable assurance, whereas a review of financial statements provides limited assurance. Therefore, it is imperative that each organisations makes a choice of the required level of assurance based on its needs.
• By engaging a local certified public accountant to carry out a review of financial statements, an organisation is also able to benefit from the valuable recommendations for improvement regarding any internal control deficiencies identified by that external expert.

c) Internal Auditing

• Internal audit is a process of objective assurance and consulting, designed to add value and improve an organization’s operations by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes.
• Our internal audit service delivers not just assurance to the Board of Director through the Audit Committee but adds value to the entire organisation. Our internal audit service is designed to bring ideas and innovation to Executives and the Board of Director, helping companies to achieve their aspirations.
• We design and deliver appropriate internal audit functions for all sizes of business. Our services range from conducting a thorough assessment of risk across the organisation, to designing strategic internal audit programmes, to reporting findings to management, the board, and other stakeholders. We do not only identify issues, but we work with management to implement tailored solutions and put the appropriate controls in place.
• Our Internal Auditing Services are summarised as follows:

– The preparation of internal reports for the sake of management.
– The evaluation of the design, implementation and operating effectiveness of client internal procedures and processes.
– The preparation and documentation of tailored internal procedures and processes in line with laws and regulations.
– The design and implementation of internal audit programmes.
– The conduct of special ad hoc anti-fraud and control environment investigations.
– The provision of ongoing internal audit support service.