Audit and Assurance

Our audit team has a wide range of expertise and experience with primary focus on the provision of assurance services to private companies including Holding, Investment, Financing, Trading and Real Estate SPVs among other.

We also have a significant experience with both Cypriot and non-Cypriot companies audits. Over the last few years we have performed numerous IFRS audits of non-Cypriot Companies. The main purpose of our IFRS audit engagements relate:

  • CFC tax filing requirements (especially Russian and CIS)
  • Bank compliance requirements
  • Enhancement of governance

In particular we have the experience to offer assurance services in three main areas:

Statutory audits

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.

IFRS Audits

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.

Agreed-upon procedures

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.


4 Trooditissis street, Acropoleos tower, 3rd floor, 2012 Acropolis, Nicosia, Cyprus