New Audit Requirements

Changes on Cyprus Audit Requirements for the year ended 31/12/2022

I can not remember when the last time was there were such big developments in the Audit profession in Cyprus, besides of course the regular changes of the IFRs.

On the 08.06.2022 the Cyprus parliament voted specific criteria on which companies would be audited. Prior to this decision all Cyprus companies were required to perform an audit. This was an income tax requirement which was religiously followed in the republic.

What are the new audit requirements for Cyprus companies:

- Turnover / Income (all income streams with no exceptions) > than Euro 200,000, and or

- Total Assets (excluding liabilities) > Euro 500,000