In particular we have the experience to offer assurance services in three main areas:
As per the Cyprus Companies Law all Cypriot companies, without an exemption, have a statutory requirement to prepare financial statements as per IFRS and have an audit performed by an external independent auditor. We have an extensive experience and we have been acting as the external auditors of a large number of Cypriot Private Limited Liability Companies.
Companies from many jurisdictions have no statutory requirement to appoint external auditors and prepare audited accounts. However, for better governance purposes and for the purpose of satisfying the requirement of an entity’s stakeholders such as the Tax Authorities (CFC rules), the banks, creditors and others, the companies have to prepare IFRS audited accounts. As Arcisco, we have been appointed and successfully performed a significant number of IFRS audits and we have drawn experience with regards to the disclosure requirement for the purpose of filing CFC accounts.
Is a form of assurance service where the procedures and tests should be sufficiently detailed so as to be clear and unambiguous, and discussed and agreed in advance with the engaging parties so that the factual findings are useful to them and, depending upon the engagement, others to whom the report is made available. The auditor’s report does not express a conclusion, and therefore it is not an assurance engagement in the technical sense.
During an agreed-upon procedures engagement as qualified accountants, we will discuss with the client and agree a set of procedures to perform that are based on client requirements. Arcisco has the experience and competence to get appointed for the performance of agreed-upon procedures assurance engagements.