Amendments to Audit Obligations of Cyprus Companies
On 9 June 2022, the House of Representatives of Cyprus approved certain amendments to the Companies Law and to the Assessment and Collection of Taxes Law.
The purpose of the amendments is to simplify the manner in which small and medium-sized enterprises ("SMEs") prepare and file their annual financial statements, with a view to reducing the administrative burden and unnecessary costs on SMEs.
Enterprises that satisfy the thresholds mentioned in the below memo will be eligible to submit their financial statements to a limited assurance review as opposed to a full audit.
Please read our memo to learn more.