FinHub Cyprus - audit agreement

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Delayed or denied audit opinion - The beginning of a downward spiral

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Auditors are publicly appointed and have the professional task of carrying out business audits andissuing audit opinions on the performance and result of such audits, in particular audits of annual financial statements of economic enterprises. This is regulated in Section 2 (1) of the Act on the Professional Code of Conduct for Auditors. Furthermore, there is the legal obligation for companies to have their business figures certified by an auditor - the so-called auditor's certificate.

What is an audit? Is it compulsory in Cyprus? Is it good for your business?

Audit is the assessment of your financial affairs including local tax obligations towards the authorities.

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A statutory audit is the creation of the financial statements, the validation of the accounting numbers produced by the accountant and the inclusion of disclosures / notes in accordance with the IFRSs (the International Financial Reporting Standards) together with the auditors opinion where the regulated audit and assurance firm validates whether or not the financial statements show a true and fair view by expressing an opinion also called the "audit opinion".
 

How to use Finhub to get a quotation for professional services

Obtain binding quotations in your inbox, for free, for accounting, audit and tax services!

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Finhub has been designed to save the user and the service provide time. The service is free, fast and reliable making it the easiest way to obtain accurate quotations from validated audit and assurance firms. 

Simply select the service you need from the drop-down menu, enter your budget and a short description of your exact needs and answer to our questions which have been designed in such a manner so that the service provider will obtain the necessary information to provide you with an accurate and binding quotation. 

For the user the process should not take more than 2 to 3 minutes.  

Audit Engagement Letter - What is it?

You will be asked to sign a contract with your auditors and / tax experts. This contract for the provision of services is called the engagement letter.

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What is the auditor's engagement letter? 

The auditor's engagement letter is effectively the service agreement between your business (company or yourself if you are a sole trader) and the audit and assurance firm. In other words, it’s a contract which stipulates each party’s obligations and responsibilities. 

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