Audit
FinExpertiza Cyprus (Hadjihannas and Partners Accountants Limited) is a licensed audit firm, registered with the Institute of Certified Public Accountants of Cyprus (ICPAC).
- Statutory Audit for companies registered in Cyprus;
- Audit of Financial Information, including statements prepared in accordance with International Financial Reporting Standards (IFRS);
- Review of financial statements;
- Internal Audit;
- Due-diligence for specific purposes.
Internal Control
Having your business evaluated by an external professional is an excellent tool in establishing the efficiency of your operating systems and whether your present processes can be upgraded, when it comes to the productivity of your team.
- Ensuring that the risks of error or inappropriate actions are eradicated by splitting duties between staff, e.g. assigning more than one person for processing of financial transactions;
- Appointing a person with powers of approval, as regards a transaction being in line with the company policy, and ensuring that the required funds are available;
- Ensuring all records of transactions are routinely reviewed, reconciled and properly processed by staff other than the person who has carried out those transactions;
- Physically securing, counting and comparing equipment, cash and other property, to comply with item descriptions on control records;
- Provision of staff training and guidance, ensuring the necessary knowledge for carrying out their duties has been made available, combined with the appropriate level of direction and supervision;
- Making staff aware of the proper channels for reporting suspected improprieties;
- Ensuring that all employees have access to company documentation on the policies and procedures in the event of prolonged staff absence or high employee turnover;
- Monitoring whether company objectives and goals are realistic and whether they are being carried out to their full potential by the staff.
Audit facts
- Is audit mandatory: All companies registered in Cyprus including small/dormant companies are subject to annual Statutory Audit.a,b,c,d
- Preparation of financial statements: A complete set of financial statements of a company must be in compliance with the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).e
- Who can do the audit: No person shall be appointed as an auditor of a company unless he/she has previously acquired a license pursuant to the provisions of the Auditors Law of 2017.f
aL.53(I)/2017 The Auditors Law of 2017
bCompanies Law (Cap 113) par.152A (Compulsory auditing of financial statements and directors’ report by auditors. As amended.)
cRegulation (EU) No537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC
dDirective 2014/56/EU of the European Parliament and of the Council of 16 April 2014 amending Directive 2016/43/EC on statutory audits of annual accounts and consolidated accounts
eCompanies Law (Cap 113) par.142 (Annual and consolidated financial statements. As amended.)
fCompanies Law (Cap.113) par.155 (Qualifications for appointment as auditor. As amended.)
