Are Audits now mandatory for all Cyprus limited companies?

[dotbloup]

I have discovered that the Cyprus company law has been amended from section 141 to 152A in 2016

Now, i don't know if audits are mandatory for small Cyprus company with a turnover smaller than 4000000 euros & less than 51 employees...

It is important because this would mean that any limited companies have now to pay an extra 800 to 1000 euros for the auditor each year.

Here is the link to Cyprus company law in greek...

Ο περί Εταιρειών Νόμος - ΚΕΦ.113

It is possible to open this page in google chrome and get an instant translation but an Attorney is required because the wording is complex.

So, if someone knows a Cypriot attorney who can answer the question...

 

[dotbloup]

oops, the turnover for small company should not exceed 8000000 euros

the section 152A about audits have been changed and gives the impression that now all limited companies have to hire an audit firm.

 

[pinacol]

They may be required to hire a certified accountant to file the tax report but audited? I asked my local accountant and in our country small companies below EUR 500,000 annual turnover don't need to file audited tax reports.

 

[dotbloup]

I have found a page where it was said every company has to be audited by an external auditor:
The Statutory Audit of Accounts

Looking at archive.org, it looks like this page has been modified this year. I hope someone will confirm.

I make a big thing about it because it is an additional expense but more than an additional expense it is an uncertain expense depending on the number of transactions in your book keeping. There is the same problem in Hong Kong and one men businesses have found it quite pricey.

I know already how much it will cost in Cyprus. It will cost at least 1000 euros and then it depends on the number of transactions.

In Latvia, there is no audit too when annual turnover is less than 800,000 euros.

 

[negon]

I will check with my agent today and reply here, they must know it.

 

[JohnLocke]

Can confirm, all companies have to prepare audited accounts unless they are dormant.

 

[andreas]

Can confirm, all companies have to prepare audited accounts unless they are dormant.

Thanks for the reply, even it put's som additional costs on company owners in Cyprus

 

[Starlights]

that suxs very much