Audit & Assurance services in Cyprus

Audit and Assurance

Tailored to local and international businesses. Statutory audits, IFRS reporting, internal controls.

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Why businesses choose SPL

2010

Established since

500+

Local & International Clients

IFRS & ISA

Compliant with Global Standards

Independent

Assurance you can rely on

Partner-led

Senior partners directly involved

Accurate, reliable financial information is not optional. Whether you are a business owner, an investor, or a regulator, you need to be able to trust what’s on the page. That is perhaps the most straightforward way to describe what audit and assurance really mean in practice.

At SPL Audit, a professional services firm established in Nicosia since 2010, we go well beyond box-ticking. Our approach is designed to add genuine value to your business: strengthening your financial reporting, improving credibility with stakeholders, and delivering the kind of insights that actually influence decisions.

What our services cover

Our audit and assurance services are designed to address the unique needs, objectives, and regulatory obligations of each client. We recognize that no two organizations are alike. A holding company, a Cyprus investment firm, and a fast-growing SME each operate within distinct regulatory frameworks, face different risk exposures, and are subject to varying financial reporting and governance requirements.

Rather than applying a standardized approach, we tailor the scope, methodology, and execution of every engagement to reflect the specific characteristics of your business. Our risk-based audit approach considers the nature of your operations, industry dynamics, corporate structure, internal control environment, and applicable accounting and regulatory standards. This enables us to deliver an efficient, focused, and high-quality audit that provides meaningful assurance while minimizing disruption to your day-to-day activities.

Beyond meeting statutory and compliance requirements, our audit and assurance services are designed to provide valuable insights that enhance financial transparency, strengthen governance, and support informed decision-making. By developing a thorough understanding of your business and its strategic objectives, we deliver practical recommendations that help improve internal controls, manage risk effectively, and reinforce stakeholder confidence in your financial reporting.

Financial Statement Audits

SPL Audit provides audit of both standalone and consolidated financial statements in full compliance with International Financial Reporting Standards (IFRS). Whether you are meeting your statutory obligations under the Cyprus Companies Law (Cap. 113) or seeking independent assurance for non-statutory purposes, our experienced professionals deliver a rigorous, objective, and tailored audit approach.

Every audit engagement undertaken by SPL Audit is conducted in accordance with the International Standards on Auditing (ISAs), ensuring that our audit opinions are supported by globally recognized standards of quality, consistency, and professional excellence. Through our risk-based methodology and commitment to technical excellence, we provide stakeholders with reliable assurance, enhance confidence in financial reporting, and support sound business decision-making.

This service is particularly relevant for:

Cyprus-registered companies that are subject to statutory audit or review requirements under applicable legislation.
International groups with Cyprus subsidiaries, holding companies, or other local corporate structures requiring statutory or group reporting.
Regulated entities, including Cyprus Investment Firms (CIFs), credit institutions, payment institutions, electronic money institutions, and other entities supervised by the Central Bank of Cyprus or other regulatory authorities.
Alternative Investment Funds (AIFs), fund managers, and other investment structures requiring statutory audits, independent assurance engagements, or regulatory reporting.
Other Cyprus-incorporated entities, including partnerships, pension funds, associations, foundations, and non-profit organizations requiring independent audit and assurance services.

Corporate reporting & Accounting advisory

High-quality financial reporting goes beyond meeting statutory requirements. Investors, lenders, regulators, and other stakeholders increasingly expect transparent, reliable, and decision-useful financial information that reflects the economic substance of an organisation’s activities.

Our Corporate Reporting & Accounting Advisory services help businesses navigate complex financial reporting requirements while enhancing the quality, consistency, and credibility of their financial information. Working alongside management, we provide practical, technically robust advice to support compliance with applicable reporting frameworks and improve financial reporting processes.

Our services include:

Interpretation and practical application of International Financial Reporting Standards (IFRSs)
Technical accounting advice on complex, significant or non-routine transactions
Financial statement reviews to enhance disclosure quality and regulatory compliance
Support with the adoption of new or revised accounting standards
Advisory on financial reporting implications arising from business acquisitions, restructurings, disposals and other corporate transactions

Our objective is to help organisations deliver accurate, compliant and insightful financial reporting that supports informed decision-making and strengthens stakeholder confidence.

Internal Audit & internal controls

Strong governance and effective internal controls are essential to managing risk, safeguarding assets, and supporting sustainable business performance. An effective internal audit function provides independent assurance that key processes, controls, and risk management frameworks are operating as intended.

Our Internal Audit & Internal Controls services help organisations strengthen their control environment, improve operational efficiency, and enhance governance through practical, risk-based recommendations tailored to their business.

Our services include:

Risk-based internal audit planning and execution
Design and evaluation of internal control frameworks
Review and testing of financial and operational controls
Governance, risk management and compliance assessments
Process reviews and operational efficiency assessments
Fraud risk assessments and control reviews
Internal control remediation and improvement recommendations
Assistance with implementing and documenting internal control procedures
Follow-up reviews to monitor implementation of agreed actions
Co-sourced and outsourced internal audit services

We deliver practical, value-driven recommendations that help organisations strengthen governance, improve operational performance, mitigate risk, and enhance stakeholder confidence.

Why work with SPL Audit?

A boutique firm, directly involved

SPL Audit is an independent professional services firm. Directors and Senior advisors are directly involved in every engagement; clients are not passed to rotating junior staff once the contract is signed. That direct involvement is perhaps the clearest practical advantage of working with a firm of our size.

Since 2010, SPL Audit has built lasting relationships with local and international businesses, including high-net-worth individuals, regulated financial entities, and corporate groups with complex international structures.

Sector-specific experience

Every industry presents its own regulatory environment, operational challenges, and financial reporting requirements. An effective audit requires more than technical expertise-it demands a thorough understanding of the sector in which an organisation operates.

At SPL Audit, we combine technical excellence with industry-specific knowledge to deliver audit and assurance services that are tailored to the unique risks, business models, and regulatory expectations of each client. Our experience enables us to identify key risk areas, provide practical insights, and deliver recommendations that add value beyond the audit process.

We have extensive experience working with organisations across a broad range of industries and entity types, including:

Cyprus Investment Firms (CIFs)
Alternative Investment Funds (AIFs) and Fund Managers
Payment and Electronic Money Institutions
Financial Services Providers
Private and Family-Owned Businesses
Holding and Investment Companies
Trading and Commercial Enterprises
Professional Services Firms
Real Estate and Property Investment Companies
International Corporate Groups

Our sector-focused approach enables us to provide assurance services that are not only compliant with applicable standards and regulations but also aligned with the commercial realities of your business.

Quality at every stage

Quality is at the core of everything we do. Our audit methodology is built on rigorous professional standards, robust quality control procedures, and a commitment to delivering reliable, timely, and insightful outcomes.

From initial planning through to fieldwork, review, and final reporting, we apply a structured and risk-based approach designed to ensure consistency, accuracy, and compliance with applicable auditing standards. Throughout the engagement, we maintain open and transparent communication, providing clear expectations, regular updates, and practical insights that support informed decision-making.

Our commitment extends beyond the delivery of an audit opinion. We strive to provide value-added observations and recommendations that strengthen governance, enhance financial reporting, and support the long-term success of your organisation.

Summary of core Audit & Assurance Services

Service	Standards applied	Best suited for
Statutory financial statement audit	IFRS, ISA, Cap. 113	Cyprus companies, international subsidiaries
Consolidated group audit	IFRS	Holding structures, multinationals
Non-Statutory independent assurance	ISA	International entities, investor requirements
Internal controls & governance review	Best practice frameworks	Businesses of all sizes
Corporate reporting advisory	IFRS	Listed and unlisted companies
Regulatory compliance audit	Sector-specific standards	Investment firms, EMIs, regulated entities

FAQs

Are Cyprus companies legally required to have an audit?

Most companies incorporated in Cyprus are required to have their financial statements audited annually under the Cyprus Companies Law (Cap. 113). Certain small or dormant companies may qualify for an exemption, but the thresholds are specific and should be confirmed with a qualified professional. Even where a statutory audit is not legally required, many businesses find that investors, banks, and partners expect one regardless. SPL Audit can confirm whether your company meets the relevant criteria and advise on the most appropriate course of action for your situation.

What is the difference between an audit and an assurance engagement?

An audit is a formal, structured examination of financial statements against recognised standards such as ISA and IFRS, resulting in an independent opinion. Assurance services are broader in scope: they can cover internal controls, specific processes, operational performance, or regulatory compliance, depending on what stakeholders need to see. Both aim to give those relying on your information greater confidence, but the methodology and output differ. SPL Audit will help you identify which type of engagement is appropriate for your circumstances and what your reporting obligations actually require.

How long does an audit typically take for a Cyprus company?

The timeline depends on the size of the business, the complexity of its corporate structure, the quality of existing accounting records, and how prepared the finance team is before fieldwork begins. A straightforward statutory audit for a smaller Cyprus company may be completed within a few weeks. An audit of a consolidated group with international subsidiaries will typically take considerably longer. SPL Audit agrees on realistic timelines with every client at the outset of an engagement, so expectations on both sides are clear from the start.

Can SPL Audit assist international groups with IFRS consolidation?

Yes. SPL Audit has considerable experience working with international groups that require consolidated financial statements under IFRS, including structures involving holding companies, intermediate entities, and operating subsidiaries across multiple jurisdictions. We can assist with the preparation of financial statements, the statutory audit itself, and specific accounting treatments that commonly arise in cross-border structures, such as intercompany eliminations, foreign currency translation, and group restructuring events.

What is the difference between a statutory audit and a review engagement in Cyprus?

Following regulatory changes introduced in 2022, smaller Cyprus companies that fall below specific size thresholds may qualify for a review engagement rather than a full statutory audit. A review is less intensive than an audit and produces a limited assurance report rather than a formal audit opinion. Both require a licensed professional, but the scope, cost, and level of assurance differ meaningfully. SPL Audit advises clients on whether they qualify for a review and whether it is appropriate given the expectations of their investors, banking partners, and other stakeholders.

What records and documents does a Cyprus company need to prepare before an audit begins?

A well-prepared client makes a significant difference to how smoothly an audit runs. Before fieldwork starts, your team should have current accounting records, bank statements, invoices supporting significant transactions, loan agreements, intercompany balances reconciled, and any supporting documentation for major balance sheet items. Fixed asset registers, VAT returns, and payroll records are also typically needed. SPL Audit provides clients with a clear document request list well in advance of each engagement, so preparation can begin without last-minute pressure.

Can SPL Audit conduct a non-statutory audit for a foreign company that is not registered in Cyprus?

Yes. Not every audit arises from a statutory obligation. International entities often require independent assurance on their financial statements for investor requirements, banking covenants, due diligence processes, or the expectations of global counterparties who want independently verified financial information regardless of where the company is registered. SPL Audit conducts non-statutory audits to ISA standards, producing opinions that carry the same rigour as a statutory engagement. We work with foreign entities that need credible, independently produced financial information for specific commercial or regulatory purposes.

What are the consequences of failing to file audited financial statements on time in Cyprus?

Late or missing financial statement filings carry practical consequences across several fronts. The Registrar of Companies can impose penalties for late annual return submissions. The Tax Department may delay processing the corporate tax return, which in turn affects tax clearance certificates needed for banking and transactions. For regulated entities, failure to submit audited accounts to CySEC or the Central Bank of Cyprus can trigger regulatory action. SPL Audit works with clients to agree on realistic timelines from the start of each engagement, minimising the risk that a filing deadline is missed.