Audit service, especially in Cyprus, is highly understated.
Audit reports and analysis are not just an annual necessity but
a tool for fixing operational inefficiencies and whistle blow
possible financial setbacks.
Audit is an annual statutory requirement in Cyprus, and most of
the clients consider it as an obligation rather than a tool. It is
a compliance service enforced by law. However, it also provides a
number of other indications which can be used by management for
improving their business.
Let's set out below a number of ways in which an audit can
assist management in identifying operational inefficiencies:
- One of the main processes of the audit is the preparation of
analytics, which compares the current year's results and the
company's financial position to last year's performance.
This process can identify major variances which act as indicators
of major problems in a specific area for a specific department or a
cash generating unit (CGU).
