Audit & Assurance
At Elsavco, we provide independent audit and assurance services to assist businesses comply with the relevant Cyprus legislation.
Our audit methodology is compliant with International Financial Reporting Standards (IFRS) and in line with international standards of auditing.
Completing a robust audit is the only way to ensure that financial statements are underpinned with the quality and credibility which directors and shareholders require; financial statements that show a true and fair view. To do this you need the right team for view, a team that understands your business and industry and which is able to perform your audit in a manner which will identify the key risks that could potentially have a material impact on your financial statements.
We work with various size clients from various industries, and our audit approach is tailored to each client’s specific characteristics.
Financial Statements Audit
A financial audit is an objective examination and evaluation of the financial statements of a company to make sure that the financial records are a true and fair representation of the transactions they claim to represent. In Cyprus, all companies irrespective of size, are obliged by law to appoint an external auditor to audit their financial statements. These audited financial statements need to accompany the annual return (HE32) which is submitted to the Registrar of Companies on an annual basis. Further, tax returns are prepared and submitted based on these audited financial statements.
Consolidated Financial Statements Audit
Consolidated financial statements are financial statements that present the assets, liabilities, equity, income, expenses and cash flows of a parent and its subsidiaries as those of a single economic entity. In Cyprus, companies which exceed the thresholds of a medium sized group, are obliged to prepared consolidated financial statements.
Special Purpose Audits
Special purpose audits refer to those circumstances in which the auditor is required to report on specific financial information for specific purposes to specific users, in comparison with the general audit of financial statements. This may include for example financial statements prepared in accordance with another comprehensive basis of accounting, or financial statements prepared solely for the purpose of banks or other specific users.
Our assurance services include the review of any financial document or transaction to certify its correctness and validity. Our assurance services are aimed at improving the quality of information on which you base your decision making, by bringing you the comfort that the information on which you are basing your decision is reliable, thus reducing risks.
Impact Analysis of new Standards
When new standards are introduced or existing standards are updated, it is imperative for businesses to understand the impact of these on their financials. Our team of professionals can assist you in understanding this impact, by highlighting the differences between the current requirements of existing accounting standards, performing calculations to quantify this impact, assist you in calculations and understanding the potential tax impact of such changes.