Audit & Assurance
Independent, thorough statutory audits and assurance services for companies across Cyprus, from a chartered firm based in Limassol.
Audit Firms & Statutory Auditors in Limassol, Cyprus
Audit & Assurance
Iacovou & Co. is a licensed audit firm based in Limassol, providing statutory audits, financial statement audits and assurance services to companies across Cyprus from our Limassol office.
We provide independent audit assessments that help businesses comply with the relevant legislation in Cyprus. Every private limited company registered in Cyprus is required to have its annual financial statements audited by a licensed statutory auditor, and we handle that obligation from planning through to sign-off.
If you are not sure whether your company needs a full statutory audit or qualifies for a review engagement instead, our guide to Cyprus statutory audit requirements covers the current thresholds and deadlines in detail.
In our experience, the audits that go smoothly are the ones where we are brought in early, not two weeks before a filing deadline. A firm that is slow to start, hard to reach, or under-resourced during peak season turns a routine audit into a compliance risk that cascades into late annual returns and tax filings. We plan the audit calendar with clients months in advance for exactly this reason.
Whether you need a full statutory audit, a review engagement, or ad hoc assurance work like due diligence, our team brings the same rigour to every engagement.
What's Included
Our Audit & Assurance Services Cover
01
Statutory Audit
Full statutory audits conducted under International Standards on Auditing, for companies that meet the mandatory audit threshold.
02
Financial Statement Audits
Independent audit of your annual financial statements, giving directors, shareholders and lenders confidence in the numbers.
03
Consolidated Financial Statements
Audit of group accounts for companies with subsidiaries, consolidated in line with IFRS.
04
Review Engagements
For smaller companies that qualify, a review engagement as a lighter-touch alternative to a full statutory audit.
05
Due Diligence
Due Diligence investigations to support mergers, acquisitions and business sales, working closely with our corporate advisory team.
06
Audit Reports
Clear, well-documented audit reports and management letters that explain findings in plain language, not just technical sign-off.
Does Your Cyprus Company Need a Statutory Audit?
Who Needs an Audit
Under the Cyprus Companies Law (Cap. 113), every private limited company registered in Cyprus is required to have its annual financial statements audited, regardless of size or trading activity, unless it qualifies for the review engagement exemption on turnover and asset thresholds. If you are unsure which applies to your company, get in touch and we will walk you through it.
Audit & Assurance, Answered
Frequently Asked Questions
Does every Cyprus company need a statutory audit?
Almost always, yes. Under the Cyprus Companies Law, every private limited company must have its annual financial statements audited unless it qualifies for the review engagement exemption on turnover and asset thresholds.
What is the difference between a statutory audit and a review engagement?
A statutory audit provides reasonable assurance through detailed testing under International Standards on Auditing. A review engagement, only available to smaller companies that meet specific thresholds, provides limited assurance through inquiry and analytical procedures instead.
How much does an audit cost in Cyprus?
Audit fees in Cyprus depend on company size, transaction complexity and whether consolidated accounts are involved. Rather than quote a blanket figure, we prefer to understand your business first. Contact us for a quote based on what you actually need.
Do you also handle bookkeeping and accounting, not just audit?
Yes. We provide accounting services alongside audit and assurance work, so your books can be prepared and audited under one roof if needed.
