Audit & Assurance in Cyprus

WE UTILIZE A RISK-BASED AUDIT METHODOLOGY, WHICH FOCUSES THE AUDIT TO THE RISKS INHERENT IN THE BUSINESS.

McMillan Woods Cyprus specialises in performing audits in accordance with the ISA and reporting under the IFRS. Our key staff members are either ACA or ACCA qualified with significant experience.

When an audit assurance exercise is required, our systematic approach is designed to add value to our client’s businesses and produce positive benefits from our procedures.

In an audit assurance-based assignment, risk-based audit approach is often used to ensure our work task is of the highest value to both our clients and that of the third party’s reliance on the final report, hence enabling proper judgment and decision making.

We utilise a risk-based audit methodology, which focuses the audit to the risks inherent in the business.

Our risk-based audit approach includes audit procedures and checklists which examine all business matters that may arise and have an impact on a company’s Financial Statement.  As a result, the audit opinion issued is relevant and insightful. Our assurance procedures deliver clarity through reporting, bringing value and confidence to our client’s purpose

Audit Assurance FAQs

Yes, all registered Cyprus companies must submit to the Inland Revenue and company registrar audit financial statements even If they are dormant.

 

The deadline to submit to the Inland Revenue is 15 months of year-end and to the company registrar 13 months of year-end.

 
 

The deadline is 1st of August the following year.

 
 
 

Cypriot accounting practices use the International Accounting Standards (IAS) for financial statements preparation. With the European Union membership, the Cypriot companies should adopt IFRS according to EU requirements.

 
 
 
 

If your total revenue exceeds 70.000 euros annually, then you must prepare audited financial statements, however if below 70.000 euros it is not mandatory.

 
 
 
György Gyólai
György Gyólai
March 7, 2024
I have been in an excellent business relationship with Angelo and the team of McMillan Woods Cyprus for many years. They are among my most important partners. Angelo is the most experienced expert in establishing and managing Cypriot companies, as well as in Cypriot tax compliance matters. Angelo is reliable, fair, knowledgeable, and consistent, which I highly appreciate. As a corporate service provider, reliability and expertise are the most important factors for me. Clearly, I wouldn't want to work with any other Cypriot company service provider, only with Angelo and his team.
Maciej Oniszczuk
Maciej Oniszczuk
February 29, 2024
We cooperate for many years. I highly recommend Angelo and his team for their experience, expertise, and exceptional service.
Keane Gibbons
Keane Gibbons
January 18, 2024
nice
Marci
Marci
January 17, 2024
Professional, helpful team with good availability and communication. I recommend them 10/10.
Bambos Demetriou
Bambos Demetriou
January 2, 2024
I highly recommend Angelo and his team for their experience, expertise, and exceptional service. They understood my financial circumstances and provided tailored advice to help me reach my goals. Their communication skills are excellent, and they are always available to answer questions. They prioritized my best interests and were confident in their abilities. I am grateful for their outstanding service.
Peter Ruggle
Peter Ruggle
December 30, 2023
excellent law firm; hihly experienced and very focused on the clients needs
Mariusz
Mariusz
December 29, 2023
I cannot praise McMillan Woods Cyprus enough for their exceptional professionalism, expertise, and customer service. From the start, their team showcased unparalleled knowledge in both legal and accounting matters. What sets the Company apart is their commitment to delivering not just service, but outstanding experiences. The team's attention to detail, prompt responses, and ability to simplify complex issues have consistently exceeded my expectations. I highly recommend it to anyone seeking top-notch legal and accounting services. Thank you for your unwavering commitment to excellence!
Firoo Cet
Firoo Cet
December 28, 2023
McMillan Woods was recommended to me by a friend, who worked also with them. It was the best decision i could have make. Everything went smooth and fast. They can assist you in nearly everything. Thank you!
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