Cyprus Auditing Services
MN & ASSOCIATES, an expert in company formation and financial management, enables its client by providing diligent and attentive auditing services for their businesses and companies.
The financial world is developing and coping with rapid changes of our times. The presence of internal and external fraud in the business world have been recognised although, difficult to detect, for this is reason businesses, whether corporations, partnerships or single proprietorships, acknowledge the importance of financial auditing. States have also identified this need, thus necessitated them to enact complex regulatory requirements for businesses. Companies should be transparent financially, not only to their shareholders but also to the public and the governing authorities. The Companies Law of Cyprus provides that every company in Cyprus should annually submit, audited financial statements to the Inland Revenue . MN&ASSOCIATES, an expert in company formation and financial management, enables its client by providing the required auditing services.
Auditing of a company or business is necessary because it serves as an independent evaluation of the company’s current financial standing. It serves as a tool to measure the company’s productivity and viability in the long run. Under the Companies Law of Cyprus, records as to the funds that are received and spent by a company should be properly recorded.
All of the company’s assets, capital and liabilities should also be accurately accounted for. A record of the sales of stocks, expenditures, and stock purchases should likewise be kept. Furthermore, the same law provides that during the annual stockholder’s general meeting, a director’s report should be presented accompanied by a financial statement such as a balance sheet which will inform the stockholders of the financial status of the company.
Audited financial statements, certified by authorized auditors, is also needed as an attachment in the filing of the Annual Income Tax Returns. Such as in other jurisdictions, based on Cypriot law, a financial audit should be carried out by an independent and qualified auditor. An independent auditor is needed so that the audit will be free from the company’s intervention or manipulation.
An audit, as required by the Central Bank of Cyprus and the local and taxation authorities, should be reliable and accurate so as not to deceive the investing public. The financial audit is not only for the use of the company but also for the protection of the company’s investors and stockholders. A regular company audit should be conducted and the initial company audit should be executed within 18 months from the date of operation. After the initial reporting, the succeeding reports should be done and submitted annually.
MN&ASSOCIATES conducts statutory audit of Financial Statements, certified by qualified auditors, for submission to the government authorities. It also prepares such financial statements based on the prescribed requirements of the International Financial Reporting Standard and undertakes regular internal audits, special audits and investigations. The internal audit is aimed at determining the effectiveness of a company’s internal control system so as to mitigate business and financial risks. A special audit on the other hand, is conducted for a particular purpose, depending on the need of a company. Investigations may also be carried out in order to examine internal fraud. MN&ASSOCIATES provides its clients with reliable and diligent auditing services.