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McMillan Woods Cyprus > Our Services > Audit & Assurance

Audit & Assurance

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

Do I have to submit audited financial statements?

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

When is the deadline to submit the audited financial statements?

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

When is the deadline to pay corporation tax?

The deadline is 1st of August the following year.

What rules and standards does the Cyprus law apply for audit?

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.

I am self-employed; do I need to prepare audited Financial Statements?

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.

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