Νόμιμος Έλεγχος στην Κύπρο
Cyprus companies are generally required to have their annual financial statements audited by an independent, ICPAC-registered practising auditor under Companies Law, Cap. 113. Smaller companies below defined thresholds may qualify for audit exemption under the Small Companies Regime, though tax authorities frequently require audited accounts even for exempt entities.
What is a statutory audit?
A statutory audit is an independent examination of a Cyprus company's annual financial statements to express an opinion on whether they give a true and fair view in accordance with International Financial Reporting Standards (IFRS) and comply with the requirements of the Cyprus Companies Law, Cap. 113. It is performed only by auditors licensed by the Institute of Certified Public Accountants of Cyprus (ICPAC) and holding a valid practising certificate.
The end product is a formal auditor's report attached to the company's financial statements, submitted to the Registrar of Companies and used by tax authorities, banks, and other third parties.
When does your company need one?
Most Cyprus companies incorporated under Cap. 113 have an annual audit obligation. The Small Companies Regime allows an audit exemption where a company meets at least two of the three following criteria in the current and preceding year: net turnover not exceeding €200,000, balance sheet total not exceeding €500,000, and average number of employees not exceeding 10.
Even where the Companies Law exemption applies, most Cyprus tax practitioners recommend an audit because the Tax Department frequently requires audited financial statements as part of the tax computation process, and banks typically require them for financing.
Cyprus-specific rules and deadlines
Financial statements must be prepared under IFRS as adopted by the EU. The company's directors are required to lay audited financial statements before the annual general meeting no later than 18 months after incorporation and thereafter at intervals not exceeding 15 months.
The annual return (form HE32) must be filed with the Registrar of Companies together with a copy of the audited financial statements. Late filing of the HE32 attracts progressive fines that accumulate monthly. Public interest entities and regulated firms (CySEC-supervised entities, banks, insurance companies) have additional audit requirements beyond the general regime.
Typical audit fees in Cyprus
Audit fees vary widely based on the company's complexity, size, industry, and the firm engaged. Indicative ranges: dormant or micro companies €500-€1,500; small trading SMEs €1,200-€3,500; mid-market companies €3,500-€10,000; and larger or regulated entities €10,000-€50,000+. Big 4 firms typically price at the higher end, while smaller ICPAC-registered practices offer competitive rates for SMEs.
Additional fees may apply for tax computation, tax return submission, corporate services, and specialist opinions such as going concern or fair value assessments.
How to choose a statutory auditor
Verify that any firm you engage holds a current ICPAC practising certificate and is authorised to sign audit reports. Consider the auditor's experience with your industry and company size, and check their working style — some firms are more relationship-driven, others process-focused. For groups with international operations, an auditor affiliated with a global network (Big 4, or firms like Grant Thornton, BDO, Baker Tilly, PKF, Nexia, HLB) may offer cross-jurisdiction consistency.
Get written engagement letters that specify the scope, fees, and deliverables. If you're changing auditor, communication between outgoing and incoming firms is required under professional ethics rules.
Κορυφαίες εταιρείες
1 εταιρείεςΑνεξάρτητες εταιρείες με τεκμηριωμένη εμπειρία σε Νόμιμος Έλεγχος, ταξινομημένες κατά αξιολόγηση.
Πετρος Αριστειδου
Certified Public Accountant
📍 Limassol
Μέλη διεθνών δικτύων
4 εταιρείεςΚιριακι Θεοχαρους
Certified Public Accountant
📍 Nicosia
BKR InternationalΚιριακος Τραμουντανελλις
Certified Public Accountant
📍 Nicosia
BKR InternationalΛουκας Χ' Βασιλιου
Certified Public Accountant
📍 Nicosia
BKR InternationalΚοστας Γιασεμιδες
Certified Public Accountant
📍 Nicosia
BKR InternationalΠού βρίσκονται
5 περιοχέςΟι εταιρείες που προσφέρουν Νόμιμος Έλεγχος έχουν γραφεία στις παρακάτω περιοχές.
Συχνές ερωτήσεις
Do dormant Cyprus companies need a statutory audit?
A dormant company that meets the Small Companies Regime criteria (two of three thresholds not exceeded) can qualify for audit exemption under the Companies Law. However, the Tax Department may still require audited financial statements as part of the corporate income tax return process, so most dormant company holders opt for a low-cost dormant audit anyway.
How long does a statutory audit take?
For a small trading company with clean records, the audit process usually takes 2-4 weeks from receipt of complete financial records. Mid-market companies typically need 4-8 weeks, and larger or regulated entities can take 2-3 months. Delays are most often caused by incomplete documentation, missing bank confirmations, or unclear transactions requiring investigation.
Can I change my auditor mid-year?
You can appoint a new auditor at any general meeting, but the outgoing auditor must be given the opportunity to make representations. The Companies Law requires specific procedures including written notice and a statement from the outgoing auditor. Most changes are timed to coincide with the annual general meeting to avoid procedural complications.
What is the difference between statutory audit and internal audit?
Statutory audit is an external, independent examination required by law, producing an auditor's report for third parties. Internal audit is a management function providing independent assurance to the board and senior management on the effectiveness of internal controls, risk management, and governance. Statutory audit is required; internal audit is discretionary.
Are Cyprus branches of foreign companies required to be audited?
Branches of overseas companies registered with the Registrar of Companies must file audited financial statements of the parent company annually (form HE28), together with certain particulars about the branch. In practice this means the parent's audited group accounts are filed. A separate branch audit is not typically required unless specified by the foreign parent's home jurisdiction.
What happens if I don't file audited accounts on time?
Late filing of the HE32 annual return with audited financial statements attracts progressive fines starting at €50 and increasing monthly, plus potential director-level penalties. Persistent non-compliance can lead to the company being struck off the register. Directors may also face criminal proceedings under Section 121 of Cap. 113 for wilful failure to file.
Can Big 4 audit small Cyprus companies?
Yes, Big 4 firms (PwC, KPMG, Deloitte, EY) will audit companies of any size, but their fee structures make them expensive for smaller entities. Most Cyprus SMEs are better served by mid-tier firms (Grant Thornton, BDO, Baker Tilly, PKF) or independent ICPAC-registered practices offering audits at appropriate price points.