Accounting and Audit Coordination
Accounting and audit coordination is the administrative work that keeps a Cyprus company’s financial records organised and ready for its accountant and auditor — collecting documents, tracking deadlines, and making sure statutory records and financial reporting stay aligned. We coordinate this process; the bookkeeping itself and the statutory audit are carried out by your licensed accountant and auditor.
Accounting and audit work is easier when documents are collected throughout the year rather than reconstructed at the last minute. We coordinate with accountants, auditors, directors, banks, and company administrators so financial records, statutory records, and supporting documents stay consistent.
What’s Included
- Collection and routing of bank statements, invoices, contracts, and receipts
- Preparation of accounting document packs
- Coordination with Cyprus accountants and auditors
- Tracking of annual accounting and audit timelines
- Support for auditor document requests and director queries
- Matching corporate changes with accounting records
- Maintaining an audit trail for major transactions and approvals
Cyprus Accounting and Audit Requirements
Every Cyprus company must maintain proper accounting records and prepare annual financial statements, and the annual audit has historically been mandatory regardless of company size or turnover — a stricter position than many other EU jurisdictions, where small companies are often exempt. A size-based audit exemption has been introduced for smaller companies, but the applicable threshold and timing are still settling; confirm your company’s current position with your accountant, since it depends on your turnover and the tax year in question. Statutory audits must be carried out by an auditor licensed in Cyprus.
Audit Preparation
Auditors may request bank confirmations, loan agreements, invoices, contracts, board approvals, ownership details, related-party information, and explanations of significant transactions. We help organise these materials and route questions to the right person or adviser, so the audit doesn’t stall waiting on documents that should already be to hand.
Benefits of Coordination
Good administration reduces delays, avoids duplicated requests, and keeps statutory records aligned with financial reporting. This is particularly useful for companies with cross-border shareholders, multiple service providers, or active banking relationships, where documents tend to arrive from several directions at once.
Key Filing Deadlines to Track
Cyprus companies work to a small set of recurring deadlines that coordination is built around: audited financial statements and the corporate tax return generally need to be finalised and filed within the statutory period after the financial year end, the annual return (HE32) is filed with the Registrar of Companies each year confirming current directors, shareholders, and share capital, and VAT returns are filed quarterly where the company is VAT-registered. Missing any of these triggers penalties that increase the longer a filing is outstanding, so we track them proactively rather than reactively. (Exact statutory periods and penalty amounts should be confirmed with your accountant, since they’re periodically updated.)
Accounting and Audit Coordination FAQs
Is an annual audit mandatory for Cyprus companies? Historically yes, for all Cyprus companies regardless of size, though a size-based exemption for smaller companies has been introduced. Confirm your company’s specific position with your accountant, since the rules are still being phased in.
Do dormant companies still need audited accounts? In most cases, yes — dormancy doesn’t automatically remove the audit requirement under Cyprus company law, though the scope of the audit for a genuinely inactive company is usually much simpler. Confirm your company’s specific position with your accountant.
Do you carry out the audit yourselves? No. We coordinate the administrative side — documents, timelines, and communication — while the bookkeeping and statutory audit are carried out by your licensed accountant and auditor.
What documents does an auditor typically ask for? Bank confirmations, contracts, invoices, board approvals, ownership details, and explanations of significant or unusual transactions are the most common requests.
What happens if annual filings are late? Penalties apply and increase the longer a filing is outstanding, and persistent non-compliance can put the company at risk of being struck off the register. This is why we track deadlines throughout the year rather than only at filing time.
How much does accounting and audit coordination cost? This is priced as part of an ongoing administration scope rather than a fixed annual fee, since it depends on transaction volume and how many providers are involved — we agree the scope and fee with you before starting.
Related Services
Need help getting your company’s accounting and audit process organised? Start an enquiry and we’ll set up a coordination plan around your accountant and auditor.