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Auditors are publicly appointed and have the professional task of carrying out business audits andissuing audit opinions on the performance and result of such audits, in particular audits of annual financial statements of economic enterprises. This is regulated in Section 2 (1) of the Act on the Professional Code of Conduct for Auditors. Furthermore, there is the legal obligation for companies to have their business figures certified by an auditor - the so-called auditor's certificate.

f you only want to be served by a big 4 firm at the service providers characteristics, select >100 number of employees. Finhub will ensure that your services are received only by audit and assurance firms with more than 100 employees which are only the big 4 firms in Cyprus. 

A professional accountant performing your bookkeeping not only books your sales and purchases in a licensed software but also your bank account and payroll in such a manner that they reconcile. By reconcile we mean that your books (accounting entries) agree with the bank account, payroll creditor at any given month and most importantly comply with local laws and regulations. 

Sounds easier than it actually is. With more than 20 years in the field bookkeeping is a complex and demanding task. A task that certainly not anyone can do.  

A statutory audit is the creation of the financial statements, the validation of the accounting numbers produced by the accountant and the inclusion of disclosures / notes in accordance with the IFRSs (the International Financial Reporting Standards) together with the auditors opinion where the regulated audit and assurance firm validates whether or not the financial statements show a true and fair view by expressing an opinion also called the "audit opinion".
 

What is the auditor's engagement letter? 

The auditor's engagement letter is effectively the service agreement between your business (company or yourself if you are a sole trader) and the audit and assurance firm. In other words, it’s a contract which stipulates each party’s obligations and responsibilities.