Audit and Assurance

In today’s demanding and constantly changing environment the road to success is directed by complex and broadening regulatory requirements and stakeholder demands. In order to respond on these changes and meet these demands people are seeking for an independent, professional verification, in a single word, assurance.

The role of assurance becomes more and more important in our days since it enhances the degree of confidence of the intended users, about the outcome of the evaluation or measurement of a subject matter against certain criteria.

At Acfin we have the strength and integrity to help you enhance the credibility of your business and provide transparent information for your stakeholders and investors through a complete assurance service.

An audit is historically the most important type of assurance service in Cyprus but also in many countries abroad. This is because all or certain types of companies, depending on each country’s laws and regulations, have been required by law to have an 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.

In Cyprus the auditor will normally express his audit opinion by reference to the ‘true and fair view’, which is an expression of reasonable assurance. Whilst this term is at the heart of the audit, ‘true’ and ‘fair’ are not defined in law or audit guidance. However, for practical purposes the following definitions are generally used.

True: That information is factual and is in conformity with reality, eventually not false. Moreover, the information is in line with required standards and laws. The accounts have been correctly extracted and presented from the books and records.

Fair: That information is objective, free from discrimination and bias and complies with expected standards and practice. The accounts should reflect the commercial substance of the company’s underlying transactions.

Through the multidimensional framework in which the auditor should act, we approach audit with competence and due care, objectivity and independence no matter of the size of your organisation or the industry you operate. Our aim is to deliver a high level of service, adapted to your unique needs which will help you achieve your potential and build trust and confidence through transparency and consistency.