External Audit 

We believe that external audits are not just a statutory obligation, but rather a way to add value to the shareholders.

All audit engagements are conducted in accordance with International Standards on Auditing ('ISA') or International Standards on Review Engagements 2400 ('ISRE').

The audit may be undertaken for Cyprus based companies and Groups to fulfil their statutory obligations under the Cyprus Companies Law(Cap.113).  The audit  may also be provided for international Companies and Groups that want to receive assurance and audit opinion on the standalone and consolidated Financial Statements for non-statutory purposes.

Internal Audit

G. Adamides Audit Ltd possesses a great expertise of its people in Internal Audit utilizing prior experience and ongoing high level technical training to support outsourced and ad hoc internal audit and health check mandates across a series of jurisdictions.

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Our work consists of:

• Conduct in depth procedure and policy examination highlighting potential areas of weakness

• Review of best practices and the Corporate Governance environment of the regulated entity

• Scrutinizing and assessing internal procedures and processes of the client against regulatory laws and directives with workable and ergonomically compliant recommendations provided as solutions

• Tailoring of the Internal Audit program to the needs of the regulated entity and to complement the weaknesses identified by the Management

• Provision of Internal Audit visit and annual reports together with on and off-site support to management for addressing the potential weaknesses identified

Group Audits

Group Audits involve the audit of consolidated financial statements.

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The group auditor is responsible for providing the audit opinion on the group financial statements. Components of the group financial statements can include subsidiaries, associates, joint ventures and branches. The components may be audited by the group auditor or may be audited by a different firm of auditors known as the ‘component auditors’.

In addition, the group auditor will form an opinion on the parent company’s individual financial statements. 

Our firm maintains a key role by guiding and assisting the component auditors, liaising with our IFRS department for assistance with IFRS convergence and IFRS advise, delivering our audit instructions and performing audit work in accordance with the audit scope. Read more to find out more about our recent projects.