Services

Audit

The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework. The phrases used to express an auditor’s opinion are "give a true and fair view" or "present fairly in all material respects" which are equivalent terms.

The "applicable financial reporting framework" comprises those requirements of accounting standards, law and regulations applicable to the entity and determine the form and content of its financial statements.

The primary purpose of the audit is to produce a report by the auditors of their opinion of the truth and fairness of financial statements.  This adds credibility to anyone that wishes to make use of the Financial Statements.

Apart from that the audit process also aims to advice management of any defects or problems with their accounting and internal control systems and to suggest ways of improvements, detect errors and cases of fraud and prevent errors and fraud by the deterrent and moral effect of the audit.

Tax

The firm provides tax services that are designed to address the issues commonly encountered by individuals and businesses. The services aim to meet the business tax compliance and advisory needs.

The tax advisory is provided by Mr Stelios Chr. Kozakos who is a professional that has diverse perspectives and skills and can meet the challenges of tax planning and tax compliance.

The components of the taxation services provided by the firm are as follows:

Income Tax

Income tax is the tax on income levied each year on taxable persons and includes individuals and incorporated entities (see corporation tax section).

Categories of services include:

Corporation Tax

Corporation tax embodies the tax imposed on the income of a company under the provisions of the Income Tax Law.

Categories of services include:

VAT and other indirect taxes

Value added tax (VAT) is an indirect form of tax which is levied on consumer expenditure.

Categories of services include:

International Tax Planning and Structuring

This section deals with the overseas tax aspects concerning individuals and incorporated entities.

The international tax planning services offered aim to assist clients to utilize the tax incentives offered by the favourable tax regime of Cyprus. The services offered can help the expansion of a client's business into new territories and minimize the taxation burden.

The tax planning process implemented by the firm assesses the impact of relevant taxes on various situations, discloses to the client the applicable courses of action and takes full advantage of the Cyprus Tax System offering sustainable tax strategies that will help any business to achieve its ambitions

Categories of services include:

Accounting

The firm provides accounting and reporting services providing to the clients the ability to meet the financial reporting requirements. The accounting services include the preparation of statutory financial statements in compliance with IFRSs requirements.

The firm also provides services in relation to statutory financial obligations and returns. In particular, it can provide bookkeeping services to the clients that choose to outsource their accounting function. Such accounting books are prepared having in mind the properness and sufficiency in presenting the true and fair view of the client's state of affairs and explain its transactions.

Categories of services include:

Any accounting books kept at the firm are open for inspection by the client.

The firm gives prime importance to quality and deadlines by constantly monitoring the progress of the work conducted and keeping the client updated.