Audits, auditors and audit firms play a vitally important role in the proper functioning of the financial system. Ensuring the highest levels of integrity and audit quality, therefore, is a priority we embrace.
Here at VK GLOBAL BUSINESS SOLUTIONS LTD further than just fulfilling our clients Statutory Requirements we aim to add value to our service by advising our clients on possible weaknesses in the Company’s internal controls system and identifying areas that operational efficiency can be improved.
Our Accounting Department can assist you in maintaining your Company Accounting records. Management information will be provided to you in accurate and prompt manner.
Help us to help you… Keys for an audit understanding
What is an Audit?
Audit is generally an impartial review of your tax return to determine its accuracy. It is not an accusation of wrongdoing. But it is important to know that you, the taxpayer, generally have to substantiate the entries on your return. The Tax does not necessarily have to disprove
anything. For example, if you gave 0 worth of old clothing to a charity but did not receive a receipt or have other proof that such a gift was made, you could be in trouble if you’re audited. If the Tax inspectors questions the deduction and you cannot provide proper evidence that a gift, in such amount, was made, the deduction may be disallowed.
Audit Advice
- Don’t rush. Respond promptly to a notification of audit, but don’t hesitate to ask for a postponement if you need time to gather records.
- Don’t lie. Answer questions truthfully, but don’t volunteer information that isn’t asked for.
- Be friendly. A positive attitude will go a long way.
- Keep good records. The burden of proof is initially on you.
- Keep records for at least 7 years.
- Ask for help. Call or visit us for help in preparation of your tax return.
- Appeal the audit if you disagree with the findings
Audit and Assurance Reports in accordance with International
Standards on Auditing – I.S.A.
We provide independent audit and assurance services to help businesses comply with the relevant legislation in Cyprus.
All companies registered in Cyprus are required by law to submit audited financial statements. Our audit and assurance services are designed to produce an accurate annual financial report, providing the objective confidence that your company’s systems are working effectively.
➝Financial Statements
International Financial Reports Standards are a set of international accounting standards, as issued by the International Accounting Standards Board.
➝Consolidated Financial Statements
Financial statements and associated reports essentially convey the financial activities of a business as clearly and concisely as possible.
➝ Audit Reports
An audit report, usually carried out by an independent professional, is essentially the written opinion of the auditor in regard to a company’s financial statements
To ensure full compliance with the relevant legal requirements, we conform to the exact standards of the Cyprus regulatory authorities and International Financial Reporting Standards (I.F.R.S.). Audit and Assurance Services include:
➝ Limited Reviews
➝ Due Diligence
➝ Internal Audit Systems Control
➝ Fraud Investigation & Disupute Services Financial Statements
International Financial Reports Standards are a set of international accounting standards, as issued by the International Accounting Standards Board.