Our Audit & Assurance services include:
AUDIT & ASSURANCE
AUDIT & ASSURANCE
Our qualified Auditors provide Audit & Assurance services with an aim to assist our clients to improve their accounting and internal control systems, in addition to their statutory auditing requirements.
With an in-depth evaluation of our clients’ systems and controls, we give recommendations and advice that helps our clients manage their businesses in a more efficient and cost-effective manner.
Statutory Audit of the Company’s Financial Statements
According to the Cypriot law, the Company’s Directors are responsible for the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and the requirements of the Companies Act (Cap.113), as amended.
The financial statements must be audited by Certified Public Accountants and Registered Auditors in accordance with the International Standards on Auditing (ISA).
The Auditors should express an opinion as to whether the financial statements give a true and fair view. In addition, the Auditors should confirm that proper books of account have been kept and that the financial statements comply with the requirements of the Companies Act.
The audited financial statements must be submitted to the Registrar of Companies and Official Receiver of the Republic of Cyprus, along with the Company’s Annual Return.
The Auditors should also sign and submit the annual Tax Return to the Tax Department of the Republic of Cyprus.
Assistance in the Preparation of Financial Statements
It is the responsibility of the Company’s Directors to prepare the financial statements. Nevertheless, we do assist our clients with the preparation of their Company’s financial statements and, through a detailed examination and review, we ensure that they are prepared in accordance with IFRS as adopted by the EU and the requirements of the Companies Act (Cap.113), as amended.
Internal audit is a service we provide to help our corporate clients set up and maintain the necessary and appropriate internal controls in their respective organisations, as well as to evaluate the efficiency and effectiveness of the current and future corporate governance.
We further provide specific consultation in respect of risk management and control policies to help an organisation to accomplish its strategic objectives and we advise on how to manage and deal with the current and future demanding economic environment changes and risks, which are directly or indirectly associated with the organisation’s activities.
Specific Purpose Audit
Apart from the statutory audit of financial statements required by law for all Cypriot companies, we also offer our clients specific purpose audit services, where we may issue a report connected to a specific matter, as requested by our clients.
Specific purpose audit may include any kind of financial information, from a single type of transaction to whole sectors of the organisations, as well as reporting on agreements or contractual rights and obligations of our clients.
Financial Due Diligence
The uncertainty in the worldwide economic environment has led to an overall discouragement in the expansion of businesses through investments and business cooperation, resulting in loss of great opportunities for such expansion and development.
In order to eliminate this threat and uncertainty, due diligence procedures are designed and performed to provide assurance whether a future acquisition or cooperation should be completed.
With the due diligence audit, we carefully investigate and examine the complete financial picture of the targeted entity.
Our financial due diligence focuses on providing potential investors with an in-depth understanding of the entity’s sustainable earnings, its historical revenue and operating expense trends, the key accounting facts, details about the key staff and executives, key assumptions used in management projections, and other important information relevant to the investor.
We provide a full, detailed and inside report, within strict time limits, for an organization, person, business unit, or entity and we offer professional advice in respect of our clients’ possible future business acquisitions or potential financial or contractual cooperation with third parties.
Management Information System (MIS) Audit
In today’s technologically advanced, evolving business environment most processes, procedures and controls of an organisation are dependent on complex, enterprise-wide MIS systems. Enterprise Resource Planning (ERP) systems have replaced a considerable number of manual processes collecting and storing large numbers of data, whileBusiness Intelligence (BI) systems extract from huge databases meaningful timely information that play a critical factor in an organisation’s success.
Therefore, the controls assuring the correctness and accuracy of data imputed and processed in the system are of paramount importance to an organisation. We at ServPRO, through our experience and expertise review, audit, test and advise on the robustness of the controls of an organisation’s MIS system, as well as the accuracy and completeness of its outputs.