• assurance

  • consulting

  • taxation

Assurance services:

Assurance services are offered by professional accountants to provide an independent conclusion whether the client’s financial information complies with specific regulation. This exercise is designed and implemented to enhance the degree of confidence of the external users by ensuring that the information is generally credible and does not contain material errors or omissions.
Assurance procedures also verify the quality of the information reported on, draw the attention to reported deficiencies
to improve the operating effectiveness of internal controls, and as a result enhance risk management processes and the integrity of the management to external parties.
The type of procedures to be performed depends on the nature of the financial report (and therefore the level of assurance), who the users are and whether the information is past or prospective.
Assurance engagements include:

• Statutory audit
• Review of financial statements or management accounts or due diligence reports
• Review of prospective financial information (e.g. budgets)
• Review of the environment and system of internal controls for compliance against certain regulation
• Evaluation of the design and implementation of internal control procedures of major operating cycles to identify material control weaknesses and provide detailed recommendations to management.
• Conduct special ad hoc projects and reviews (e.g. Investigation to detect fraud, insurance claim review, review of inventory count procedures, review of treasury department etc).
• Reinforce the work of the internal audit department or provide internal audit services for regulatory purposes or as per management’s request
• Complete outsourcing of the internal audit function
• EU funds audit in accordance to EU regulations
• Periodic reporting to Audit Committee or to those charged with governance.
• Preparation of the Internal audit manual

Staying alert of the risks surrounding your business’ operations is crucial. Our Assurance services will help you meet the legal as well as accounting requirements and work with your organization to navigate through risks effectively. 

Consulting services

The challenges of today’s rapidly changing competitive business environment and complex transactions require expert operational and financial support.
Working together with your organisation’s directors and key employees will enable us to gain an understanding and evaluate your entity’s internal operating systems in order to offer value-adding recommendations and develop innovative solutions. Our priority is to help our clients build sustainable competitive advantage through offering tailored operational, regulatory compliance and financial advisory services. We can provide project management services and assistance for the implementation of each task upon request.
Collaborating with our team of trusted business partners ensures that specialized client needs are met. Our alliances with Cyprus’s biggest banks, law offices, fiduciary services firms, education providers, forex brokers etc enable us to offer specialized advice and ongoing support.

Indicative consulting services offered include:

• Consulting on how to improve your organisation’s corporate governance and mitigate risks of non-compliance with the
relevant regulation (includes consultation for a sound internal control system, setting up internal control principals etc)
• Consulting on how to prepare budgets
• Preparation of due diligence reports and feasibility studies
• Business development and planning services
• Consulting on working capital and cash flow management
• Consulting on how to accurately calculate unit cost and manage variances
• Consulting on how to measure the performance of different products/ services or departments
• Human resource services (recruitment, evaluation, market research etc)
• Secretarial services
• Business valuation
• Assistance on registration of Cyprus companies or with companies in other jurisdictions and the formation of branches in
Cyprus or abroad
• Support on how to establish a small company
• Hands-on consulting on how to manage your small or medium size business growth.

Accounting services:

Every Cyprus registered person (individual or company) has an obligation to maintain accounting books and records, prepare audited financial statements in accordance with the IFRSs and the ISAs, and file their tax returns annually. Accounting books and records should be kept for a period of at least 6 years as evidence to support financial statement assertions.
Our custom-made accounting solutions aim to offer accurate and timely deliverables assisting you with the financial reporting requirements and the preparation of management accounts.

Accounting services offered include:

• Book-keeping of client transactions and maintenance of all ledgers either at our office or your premises.
• Consultation of how to set up the book-keeping and financial reporting process in an effective and efficient manner
• Preparation of tailor made management reports (periodic/ yearly)
• Preparation of budgets, including projected profit and loss and cash flow forecasts
• Receivable ledger services (issue of invoices and analysis of the accounts receivables aging)
• Payroll related services
• Tax compliance services including preparation and submission of VAT, VIES, corporation and personal tax services.
• Personnel training in maintaining proper accounting records
• Producing customary reports to assist in the audit procedure.

Our package of complete accounting services compliant with International Financial Reporting Standards and Tax regulation covers all your accounting needs in a cost-effective way.

Taxation services

We can help clients comply with day-to-day legal and regulatory requirements and offer solutions to businesses and individuals for tax optimization strategies. We deal with income tax both at a personal and corporate level, a well as VAT issues.

Indicative taxation services offered include:

• Preparation of the annual tax computation and income tax return for Cypriot companies and individuals (employees or self-employed)
• Handling of all incidental tax issues such as provisional tax, taxation on dividends, capital gains tax, advice on the calculation of taxable profits etc
• Offer advice on how to handle tax reviews and tax clearance issues
• Deal with tax residency issues
• Act as representatives at the inland revenue office
• Tax planning to help minimize tax liabilities through custom tax restructuring.

Value Added Tax

Value Added Tax (VAT) is imposed on the supply of all goods and services in Cyprus, on the acquisition of goods from other Member States and on the importation of goods from third countries. Cypriot VAT regulation is harmonized with the EU VAT legislation.
We can help your business deal with the complex VAT issues in a cost-effective way, improving your business’s working capital and mitigating its risk of non-compliance, financial penalties and reputational risk.

Indicative VAT services include:

• Assistance with registration in Cyprus
• Indirect tax advice in routine operations or specific types of transactions • Assistance with submission of quarterly VAT returns to the VAT office
• Audits of VAT processes and reporting
• Training of your personnel in order to reduce the business’ risk exposure • Act as representatives at the VAT office