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Cyprus Company Audit Services

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Cyprus Company Law requires that company accounts must include the following:

  • A directors’ report, which should accompany the balance sheet and be submitted to the shareholders’ annual general meeting.
  • An auditor’s report containing certain prescribed statutory information, unless the company is exempt from this requirement (small companies).
  • Full financial statements as prescribed by IFRS (International Financial Reporting Standards) and Consolidated Financial Statements in the case of parent companies (unless specifically exempted in some cases).

For Income tax purposes (s.38 of The Income Tax Law) states full financial statements are audited or certified by officially authorized auditors or accountants and a declaration on the Income Tax Return is required. Furthermore, all companies with share capital are required to submit an Annual Return to the Registrar of Companies.

The Annual Return (HE32) must be accompanied by the audited financial statements of the company, adopting the IFRSs translated into the Greek language.

Cyprus-Registered Branches of foreign companies are not legally bound to compile full separate branch accounts but, when taxed on the island, are obliged to do so for income tax purposes.  They also have to submit accounts of the main company, translated into Greek, to the Registrar of Companies.  Partnerships are exempt from any requirement to prepare audited accounts, but they are legally bound to keep proper books of account which must be available for scrutiny by individual partners.

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Cost of Cyprus Company Audit Services:

 The cost of auditing a Cyprus Company will depend on the volume and complexity of the task.

Quotation can be provided upon review of the accounts.

An annual audit for a Cyprus Company is a legal requirement for some companies. An audit can provide vital information regarding the financial performance and operation of a company. Audit services includes the following:

  • Statutory and non-statutory audits according to International Standards of Audit
  • Preparation of Financial Statements according to IFRS
  • Internal audits
  • Preparation and submission of Tax Return

Indicative Costs:

Indicative Cost Comment
Dormant company 450 Company with no activity, no bank accounts etc
Low volume activity 1000 Less than 50 entries

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