Audited, under international standards
Accounting, Audit & Financial Reporting in Cyprus
Cyprus requires audited financial statements from every company, prepared under international standards.
GCC business setup specialists
No exemptions, and a demanding framework
Two things make Cypriot reporting heavier than its size suggests. There is no small or dormant company audit exemption, so every entity is audited. And financial statements must be prepared under international financial reporting standards rather than a simplified local framework, which means more disclosure and more judgement. Books kept casually through the year become expensive at audit.
- Books kept to the standard the audit will actually require
- Auditor appointed and briefed early, not at year end
- Annual return and financial statement filing handled together
20+
Mainland, free zone and offshore jurisdictions we file in — so the recommendation is based on your activity, not on which authority we happen to be registered with.
7,000+
Companies successfully established.
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What is required
Reporting obligations in Cyprus
Audit applies to everyone.
| Obligation | Position |
|---|---|
| Accounting records | Required, and retained for the statutory period. |
| Reporting framework | International financial reporting standards. |
| Statutory audit | Required for every company, including dormant ones. |
| Annual return | Filed with the Registrar, with financial statements. |
| Tax return | Filed with the Tax Department. |
| Language | Records in Greek or English. |
Reporting, audit and filing obligations are set by statute and change. Cyprus is a European Union member state, so EU directives, the single market and EU anti-avoidance measures all apply. That is the substantive difference between Cyprus and an offshore jurisdiction, and it cuts both ways.
How it works
Keeping the books properly
Audit-ready monthly, not retrospectively.
01
Set up
Chart of accounts, accounting period and the reporting framework established to suit the audit and the tax return.
02
Maintain
Transactions recorded regularly with supporting documents retained, and judgemental areas documented as they arise.
03
Audit and file
Financial statements prepared, audit completed, and the annual return and tax return filed on their respective deadlines.
To keep the books
What we need from you
Documentation of judgements matters under these standards.
- Bank statements for all accounts
- Sales invoices issued
- Purchase invoices and receipts
- Loan and financing agreements
- Intercompany agreements and balances
- Payroll records where you employ
- Fixed asset purchases and disposals
- Investments held and their valuations
- Shareholder transactions
- Opening balances on transfer
- Financial year end
- Prior audited statements if any
Scope
What is included, and what is not
Stated plainly, so nothing is added once the engagement starts.
Included in the service fee
- Accounting set up to the reporting framework
- Regular bookkeeping
- Bank reconciliations
- Financial statement preparation under international standards
- Audit co-ordination with the appointed auditor
- Annual return filing with financial statements
- Alignment with the tax return deadline
- Guidance where prior years are incomplete
Not included, quoted separately
- Audit fees, charged by the auditor
- Registry and government fees, paid at cost
- Reconstruction of long-neglected prior years unless quoted
- Tax advice in your own country
- Accounting software licences
- Valuations of investments or property
- Penalties for periods before engagement
- Payroll processing unless included
Verify independently
Official Cypriot authorities
We file directly with these bodies on your behalf.
Department of Registrar of Companies and Intellectual PropertyTax DepartmentVAT ServiceSocial Insurance ServicesCyprus Securities and Exchange CommissionInstitute of Certified Public Accountants of Cyprus
Questions
Cyprus accounting and audit — FAQs
Is there any audit exemption in Cyprus?
No general small or dormant company exemption applies, so every company is audited. It is the key difference from the United Kingdom or Singapore.
Why do international standards matter?
Because they require more disclosure and more judgement than a simplified local framework, which means the bookkeeping has to be more thorough through the year.
When should the auditor be appointed?
Early. Appointing at year end compresses the work and tends to produce findings that proper monthly bookkeeping would have avoided.
Do financial statements become public?
They are filed with the annual return at the Registrar, so they enter the public record.
What if previous years were never audited?
We assess the gap and quote the catch-up work, including the audit implications, which are usually the larger part.
Go deeper
More Cyprus services
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