Below is a list with our most frequently asked questions:
Audit and assurance
Below are the answers to our most frequently asked questions: Audit and assurance
- In order to provide a client with an audit fee proposal many factors are taken into account such as the size, nature and complexity
of the entity to be audited as well as its financial figures. This is done by obtaining a Trial Balance (TB) and General Ledger
(GL) for the relevant reporting period, examining them thoroughly and reverting back to you within 24 hours. We examine each
potential audit engagement separately according to its unique characteristics and we always provide a detailed audit fee proposal
dossier containing among other things a breakdown of the components of the work to be carried out together with a full description
of this work in order for the client to fully understand the services that he/she is paying for.
- Yes, the audit of all the legal entities incorporated in Cyprus, irrespective of size, is required by Law and is therefore
obligatory. Audited financial statements need to be filed with the Registrar of Companies and the Inland Revenue each year.
- During the course of each audit engagement valuable insight about the inner mechanisms of the company under review is gained.
When this insight is combined with the findings identified during the audit, valuable information can be provided to the client
in terms of performance analysis, financial standing, profit margins breakdown and interpretation, growth potential etc. Our
Know your Client (KYC) procedures ensure that we familiarize ourselves with a client when we are initially appointed auditors
and also that we are continuously accumulating knowledge so as to develop a learning curve that will enable us to produce
sound feedback reports. This feedback information can be used by the client to aid the process of decision making at a strategic
- We insist in meeting our clients in person in order to convey to them our unique, boutique style modus operandi.
However, if the shareholders of a company reside abroad and a personal meeting is unfeasible, the audit engagement can be
carried out in a perfectly normal and smooth manner via the use of Information and Communication Technology (ICT) e.g. conference
calls, e-mail etc. For example, detailed lists with the information required to substantiate the financial information of
the company will be provided to the company's shareholders or to its administrators and scanned copies of the requested documents
can be provided to us via e-mail and the originals via courier.
- We provide one-stop shop tax solutions for companies registered in Cyprus with the main purpose of providing peace of mind
to the shareholders. This means that the company will not miss a single tax filing deadline nor the owners will ever have
to worry about penalties and surcharges imposed by the Inland Revenue for non-compliance with the tax rules and regulations.
- In terms of tax planning we first conduct interviews with the company's shareholders in order to identify and understand their
needs and targets and then we proceed to devise unique, efficient and effective tax planning schemes that incorporate our
robust knowledge of the Cyprus tax framework, the particular circumstances of the company and the targets set. The deliverable
produced to the shareholders will comprise a report containing among other things our suggested action plans accompanied with
the resulting quantified tax savings if these plans are eventually put into effect.
- This particular advice comes with the abovementioned tax planning report. We carry out a thorough research in order to come
up with the best possible course of action that will aim in maximising the company's utilisation of tax allowances and minimising
its tax bill!
- Being familiar with the tax framework in Cyprus is vital in operating a company in Cyprus as the company would have to comply
with certain requirements imposed by the Inland Revenue Department (IRD) such as filing an annual tax return (IR4) and annual
report as well as other relevant forms e.g. IR 601 if the company has an obligation to pay Special Contribution for Defence
(SCD), IR158 if a corporation tax liability arises for the year etc. Furthermore, an in-depth knowledge of the tax framework
can help the company in identifying and seizing opportunities for tax savings. However, the owners/principals of a company
need not have such an in-depth knowledge of the tax rules and regulations in Cyprus in order to run their company as we can
step in and provide our tax services spanning from simple tax advice to complex tax planning by utilising our robust tax knowledge
and access to insightful resources.
- Advice on how to successfully start up a company can be given as part of our business consulting services. The advice will
be given in the form of a report which, in order to be compiled, will take into account numerous variables and facts such
as the nature of the activities of the company, the competition, whether the market is saturated for the particular product/service
to be offerred by the company, exit strategy etc.
- Expansion strategies can be formulated based on the particular circumstances surrounding the company and by taking into account
the risk appetite of the shareholders. Low risk, medium risk and high risk advices can be provided in the report to be compiled,
all with quantifiable results in order to better decide which one to implement.
- The cost of a business consulting report is calculated according to a number of factors, some of them being the depth of analysis
carried out, the hours spent in compiling the report, the resources used etc. All of the factors affecting the cost of the
report will be discussed with you in the initial meeting that will be carried out in order to ascertain the purpose for which
the report will be compiled.
- When we undertake a web site developent project we follow a particular protocol in order to ensure the satisfaction of our
clients. First, we conduct an initial interview with the owners in order to claridy certain things regarding the web site
and the company in general e.g. the domain name, the nature of the web site (informative, commercial etc), its content, features
etc. After gathering all the requested information we will proceed with registering your preferred domain name and leasing
the necessary web space. Then, we will develop a 'blueprint' for the web site which will be forwarded to the owners for their
comments. The later development stages will welcomethe input from the owners in terms of shaping the web site's appearance
to their needs and requirements. Ultimately, the completed web site will be published to the Internet and will be promoted
through the appropriate channels in order to maximise its exposure.
- We want to think of our practice as a one-stop shop which offers all the services required by the owners of a Cyprus-registered
company whether these are compliance with Tax and Companies Law requirements, statutory audit, specialized tax advice or business
consultancy. Our modus operandi ensures that the owners of a company will experience as little hustle and bustle
as possible in the course of running their company.