AUDIT AND ASSURANCE
- Statutory audits -
Cyprus registered entities are obliged to submit to the Inland Revenue annual tax returns which are based on financial reports prepared under International Financial Reporting Standards and the Cyprus Companies law, and audited by Certified Public Accountants and Registered Auditors.
The audit function is often perceived by businesses as a cost which provides no value to their operations, however the audit managers at Joannides + Co Ltd, adopt audit procedures which are designed for the specific circumstances of their clients, aim to meet the statutory requirements and comply with auditing standards and at the same time utilise the opportunity to identify improvements of their financial reporting systems and processes and assist to implement solutions which improve the business performance of their companies.
- Internal audits -
Internal audit services have been increasing in the past years as entities are trying to evaluate and improve the effectiveness of internal controls and risk management processes to accomplish their strategic objectives.
The internal auditors at Joannides + Co Ltd can undertake assignments to review existing internal audit processes and advice on their improvements, undertake to provide internal audit services to entities for management and regulatory purposes and carry out ad hoc investigations to detect fraud.