Auditing is the confirmation of assertions made by others regarding a payoff, and in the context of accounting it is the examination and evaluation of the financial statements of an organization or business.
Every company is required according to the Cyprus law to prepare audited financial statements on a yearly basis and submit them to the relevant local authorities.
Every professional providing audit services should take time to comprehend clients' businesses as well as the sectors in which they operate, help the client to recognize major risks and prospects further than the financial reporting part.
Enterprise Risk Services (ERS) are just as important as the financial reports. Enterprise risk services are imperative in driving the growth of each clients business.
Many factors such as technological innovation, globalization, regulations, and governance initiatives affects each business have significantly increased responsibility of senior management and boards. An ERS professional shall offer risk valuation and technology assistance on audit engagements, working off course straight with the companies in order to assist them to manage regulatory compliance, risk and uncertainty, as well as improve the reliability of systems and processes throughout the enterprises.
This field of practice include:
- Preparation and audit of yearly economic statements in accordance with International Accounting and Auditing Standards.
- Preparation and submission of statutory financial statements to the authorities
- Presentation of audited financial statements to the directors and shareholders for their approval.
- Preparation and submission of annual tax returns to the relevant local tax authorities
- Preparation and submission of annual company return to the Registrar of Companies.