An important update to the Cyprus Companies Law, Cap 113, has
been introduced as of the 9th June 2022, with the aim of
simplifying accounting and audit practices for small size
companies. These amendments shall become active upon publication in
the Cyprus Gazette, and are summarized below.
According the amendments of the Companies Law, companies may
submit their financial statements for review instead of audit, by a
statutory auditor or statutory audit firm, according the
International Standard on Review Engagements (ISRE) 2400, when the
company's net turnover does not exceed the amount of
€200,000 and the total value of the assets without deducting
liabilities does not exceed the amount of €500,000.It is
important to note that the Law includes specific exceptions, for
example, for companies that are subject to regulation and
supervision by certain independent authorities, for parent
companies that are required to prepare consolidated financial
statements, for
