The Auditors and Statutory Audits of Annual and Consolidated Accounts Law 42(Ι)/2009, with which there has been harmonisation of the Cyprus legislation with the Directive 2006/43/EC, requires the audit firms to publish annual Transparency Reports, the contents of which are defined in section 48. This requirement came into force on 8 April 2011.
The provisions require the annual publication of certain information by auditors, defined as statutory auditors, that have made an audit report on the annual accounts of one or more public interest entities during the financial year. This information is to be published on their website or deposited with the Companies Registrar within 3 months of each calendar year.
The Transparency Report contains particulars and outlines information for our company in relation to: the legal structure and its shareholders, the legal and structural relations with the network to which it belongs, its governance, the internal quality control system that it follows, the last quality assurance review on behalf of the Institute of Certified Public Accountants of Cyprus, the public-interest entities to which it has carried out statutory audits, the independence practices and values that it follows, the continuing education policy for its employees, the financial information relating to its financial condition and finally the basis of remunerating its statutory auditors.
We produce an annual transparency report to enable our stakeholders -businesses, investors, regulators and communities- to better understand our firm and represents our public declaration of our commitment to provide high quality audit and assurance services as expected by our clients and by the public.