Accountancy & Audit
Accounting and Auditing Requirements
The accounting profession in Cyprus, which is of high standard, is represented by the Institute of Certified Public Accountants of Cyprus. Its members are either Chartered or Certified Accountants of the respective United Kingdom Institutes (the Institute of Chartered Accountants and the Chartered Association of Certified Accountants).
Possessing the necessary knowledge, expertise and qualifications of Chartered Accountants, Joseph Kokkinos & Co provides clients with full range of accountancy and audit facilities.
We help spot the mistakes, rectify the errors, reduce the tax exposure where possible and tighten the controls on the business. We see our business as insuring that the functionality of our clients business is run as rigorously as possible. We advise on all aspects such as staffing, controls, costs, production, profitability, stocking, write downs, assets and depreciation. We prepare the accounts, financial statements and complete the returns complying with all statutory demands.
The directors of every company have the obligation under the Law to prepare audited financial statements, not later than eighteen months after the incorporation of the company and subsequently once a year, to lay before the company in a general meeting a set of financial statements consisting of the directors' report, the auditors' report, a profit and loss account and a balance sheet. These financial statements must be also submitted to the Tax Authorities and the Central Bank, not later than 12 months after the year-end.
International Business Companies are subject to the same reporting requirements as all other local business entities.
Responsibility of Auditors and thus our Responsibility towards our clients:
The appointed auditors are required to report to the members on the financial statements examined by them and their report must include statements regarding the true and fair view of the financial statements, whether they have obtained all the information and explanations necessary for the purpose of their audit, whether proper books of account have been kept and whether the financial statements comply with the relevant legislation.
Requirement for Auditing
The law specifically disqualifies the following persons from acting as auditors:
- an officer or servant of the company holding the position within the last three financial years
- a partner or employee of an officer or servant of the company (except for exempt private companies)
- in case of family or other personal relationship with company members
- if the auditor has a beneficial interest in shares unless Articles of Association require auditor to hold the minimum number of shares.
By means of experienced qualified auditors, our company takes the responsibility to carry out the audit in accordance with the Approved International Auditing Guidelines, the U.K. Auditing Standards and Guidelines and Professional Code of Ethics.