Ειδικοί Έλεγχοι στην Κύπρο
Special purpose audits examine specific financial information for a defined use — grant compliance, acquisition due diligence, insurance claims, or contractual reporting. Distinct from statutory audit, these engagements produce opinions or reports tailored to a specific audience and purpose in Cyprus.
When you need a special purpose audit
Special purpose engagements are commissioned when a party needs assurance over specific financial information rather than a full financial statement audit. Common Cyprus use cases include: EU grant funding verification, purchase price allocation for M&A transactions, insurance claim substantiation, compliance with loan covenants, revenue verification for licensing, and cost verification for construction contracts.
These engagements are performed under International Standard on Related Services (ISRS 4400) or International Standard on Assurance Engagements (ISAE 3000) depending on the assurance level required.
What Cyprus practitioners offer
Most ICPAC-registered practising firms in Cyprus offer special purpose engagements, though experience varies significantly. Large firms handle complex M&A due diligence and IPO-related work; mid-tier firms cover most grant, covenant, and contract engagements; smaller practices typically focus on straightforward agreed-upon procedures work.
Fees are project-based, ranging from a few hundred euros for simple compliance certificates to €25,000+ for comprehensive M&A due diligence reports.
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Συχνές ερωτήσεις
What is the difference between a special purpose audit and agreed-upon procedures?
Agreed-upon procedures (AUP) engagements report factual findings against specific procedures agreed with the client — no opinion is expressed. Special purpose audits express an opinion on whether the information is fairly presented against a specified framework. AUP is used for factual verification; special purpose audit for opinion-level assurance.
Can any accountant perform special purpose engagements?
For audit-level assurance engagements, an ICPAC practising certificate is required. Agreed-upon procedures can be performed by any qualified accountant. For specialised areas like EU grants, insurance claims, or M&A, experience-specific practitioners deliver better results than generalists.