Cyprus has traditionally been an attractive international financial services center due to its strategic location, favorable taxation system, financial stability and reliability, first-class infrastructure and highly qualified workforce. As a full member of the European Union, Cyprus is also bound by a network of international double taxation treaties with many countries around the world.
All companies registered in Cyprus under the Companies Law of Cyprus Cap. 113 (O περί Εταιρειών Νόμος, .11εφ.113) must prepare their accounts in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and submit audited financial statements once a year to the Companies Registry along with their annual accounts.
We understand that our clients require unique services to meet their individual business needs, whether they are multinational corporations or businesses serving local community needs. Mainstay's team provides a full range of services to Cypriot companies, including auditing.
MAINSTAY APPROACH
Mainstay audits provide assurance on the controls of your business and meet regulatory requirements. However, it is more than just compliance with legal and regulatory requirements. Conducting an audit and "adding value" are not usually considered together, and we don't agree with that approach. The very nature of the audit process means that we get detailed information to better understand your business at various levels. That way, we can quickly identify risks as well as any opportunities for potential improvement.
HELPING YOUR BUSINESS GROW
An audit is the ideal starting point for business consulting. Before a company can set goals for the future (let alone begin to achieve them), it must gain as complete understanding of its current situation as possible. An audit provides past information, which in turn allows it to predict future trends. Only by going through this process can a company effectively plan to achieve its goals.
IMPROVING YOUR SYSTEMS AND CONTROLS
Excessive immersion in day-to-day operations requires a focus on solving current issues without noticing the bigger picture. By looking at the business from a completely independent perspective, we can offer ideas for improvement that might not otherwise be considered.
MEETING THIRD-PARTY CLAIMS
An audit not only gives the owner confidence that things are going well, but also provides evidence and assurance to third parties. An audit allows business stakeholders, such as shareholders, banks, suppliers, customers and even employees, to make more informed decisions about its current operations and their subsequent treatment, providing additional comfort in deciding whether to invest, finance or trade with that company.
Our specialists have a high level of knowledge and experience to provide the appropriate services. Our partner network allows us to provide, if necessary, highly specialized employees with expertise for different types of services in order to meet the individual needs of companies of different levels.
