By
August 15, 2024
In Cyprus, audit requirements for companies have recently been updated to ease the financial reporting burden on small and medium-sized enterprises (SMEs). As of June 9, 2022, amendments to the Cyprus Companies Law allow certain companies to opt for a review engagement instead of a full statutory audit, provided they meet specific criteria.
Even if these thresholds are met, certain companies are still required to conduct a full audit. These include:
A review engagement provides limited assurance compared to a full audit. It involves the auditor conducting analytical procedures and inquiries to ensure that the financial statements are free from material misstatements. This alternative is cost-effective and time-efficient, offering a practical solution for smaller companies without the extensive requirements of a full audit.
These changes apply to financial statements for reporting periods ending on or after December 31, 2022. The review engagement must be performed by a licensed statutory auditor or audit firm in accordance with the International Standard on Review Engagements (ISRE) 2400 (Revised)
For more detailed information and specific advice tailored to your company’s circumstances, it is recommended to consult with a professional auditor or a legal advisor in Cyprus.
.png){kind=logo}
Simple. Stressfree. Payments
.png){kind=logo}
