Cyprus auditors for statutory audits and review engagements
Nikita & Partners is an ICPAC-licensed audit firm based in Limassol, Cyprus, providing statutory audits and review engagements for Cyprus companies and international groups. We combine Big 4 technical depth with partner-level involvement to deliver IFRS-compliant audits on time, every time. From planning to final deliverables, we ensure your audit runs smoothly with competitive pricing and no hidden fees.
Audits for Cyprus and International Companies
Under the Cyprus Companies Law (Cap. 113), all companies incorporated in Cyprus must prepare financial statements in accordance with International Financial Reporting Standards (IFRS) and have them audited by a Cyprus-licensed statutory auditor or audit firm, in line with the International Standards on Auditing (ISAs).
The only exception applies to small private limited companies that qualify for the statutory exemption (see below). Even then, these companies must still prepare IFRS-compliant financial statements and, if not audited, undergo a review engagement performed by a licensed Cyprus auditor.
At Nikita & Partners, we combine the technical expertise of Big 4 audit firms with the agility and personal attention of a boutique practice. We deliver statutory audits, assurance reviews, and tailored services for both local companies and international groups with cross-border structures.
Audit in Cyprus: More Than Just Compliance
A Cyprus statutory audit is not just about compliance with the Registrar of Companies and the Tax Department. Properly audited accounts can:
- Identify areas for improvement
- Strengthen trust with banks, investors, and stakeholders
- Support growth and strategy while protecting business reputation
- Provide management with reliable financial data for decision-making
Statutory Audit vs. Review Engagement
Certain small private limited companies may replace a statutory audit with a review engagement if they meet both of the following criteria:
- Annual turnover less than €200,000 (increasing to €300,000 for financial years beginning on or after 6 February 2026)
- Total assets less than €500,000
These thresholds must not be exceeded for two consecutive years, and the exemption applies to financial periods ending on or after 31 December 2022.
A review engagement, performed under ISRE 2400 (Revised), provides limited assurance mainly through inquiry and analytical procedures, rather than the detailed testing required in a full audit. Just like audits, review engagements can only be performed by a licensed statutory auditor or statutory audit firm in Cyprus. Filing obligations with the Registrar of Companies and the Tax Department remain unchanged.
Our Audit Approach & Methodology
While every engagement is performed under ISAs, our true value lies in how we apply them.
We bring deep experience across industries such as real estate, shipping, technology, trading and distribution, and investment holding structures. That background means we can anticipate complex accounting issues, apply the correct IFRS treatments, and resolve questions quickly.
Every audit is partner-led, ensuring continuity and clarity from start to finish. We identify key risks early, apply the right solutions, and communicate clearly so issues are resolved quickly. This approach keeps your audit efficient, practical, and always delivered on time.
Who Do We Audit? Cyprus & International Companies
Our core work covers statutory audits and reviews for Cyprus-incorporated companies, but we also provide audits for BVI entities and companies in other jurisdictions that require assurance on their standalone or consolidated financial statements.
This is particularly valuable for groups with cross-border structures, where our team works closely with group auditors, regulators, and investors to ensure reporting is consistent, compliant, and delivered on time.
Typical Audit Timeline & Fees
Every business has its own reporting cycle, and we recognise how critical timing is – Whether it’s local filing with the Registrar, preparing financials for investors and banks, or group consolidation. We plan each audit in advance with your deadlines in mind and agree the timetable with you at the start, so you know what we need and when to expect each deliverable.
When it comes to fees, we are fully transparent. Audit costs are based on the size and complexity of your company, the volume of transactions, and the quality of record-keeping. Because we operate efficiently and apply a focused risk-based approach, our fees remain fair and proportionate to the work required. There are no hidden extras, just clear, upfront fees agreed before we start.
Value-Added Insights
We look beyond the numbers. Our audits and reviews highlight control weaknesses, inefficiencies, and improvement opportunities. Many clients use our recommendations as a roadmap for strengthening governance and operations.
Other Assurance Services
We also provide:
- Internal audits
- Due diligence and agreed-upon procedures
- Internal control reviews, design, and implementation
Why choose Nikita & Partners as your auditors in Cyprus?
At Nikita & Partners, we deliver more than just an audit.
Your audit report is signed by Sebastian Nikita FCCA, director and audit signing partner of the firm. He spent over twelve years with EY Cyprus before founding the practice, and he handles engagements at partner level with full oversight of the work performed. As an ICPAC-licensed firm monitored in cooperation with ACCA (registration number E1288), we are held to the same professional and ethical standards as the largest firms in Cyprus.
Here’s why we are the right audit firm in Limassol and across Cyprus for your business:
- Partner-led, with a consistent team
Every audit is carried out by a consistent team, with the signing partner involved from planning to sign-off. Issues are discussed directly with the person who makes the final judgement, so they are resolved quickly. Because the same team returns each year, you do not have to explain your business again. - Technical depth across industries and structures
Our audit approach is grounded in long Big 4 experience with IFRS reporting across a wide range of industries, from standalone trading and service companies to holding structures and international groups. That experience means complex accounting questions are identified early and resolved correctly. Tax, VAT and advisory expertise sits within the same firm, so technical questions arising during the audit are answered without delay. - A timetable you can plan around
We agree the timetable at the start of each audit, together with what we need from you and by when, and plan the work around your filing, bank or group reporting deadlines. You have a named contact on the team for day-to-day questions and direct access to the partner for anything that needs a senior answer. If anything puts a deadline at risk, you hear about it early, with a plan to resolve it. - Fees agreed in writing before work starts
We quote once we understand your company, its records and its structure, and the fee is agreed in writing before work starts. If the scope changes during the year, we discuss it with you first. There are no surprises at the end of the audit. - A straightforward move from your current auditor
Changing auditors is simpler than most companies expect. We handle the professional clearance with your outgoing auditor and the transfer of prior year information, and plan the first audit so it places little extra work on your finance team.
Request an Audit Quote
Whether you need a statutory audit, a review engagement, or other assurance services, our team at Nikita & Partners is ready to assist. Contact us today for a tailored proposal.
Frequently Asked Questions When Choosing an Auditor
Toggle ContentYour audit is carried out by our audit team, under the direction of Sebastian Nikita FCCA, director and audit signing partner. He plans the engagement, is involved throughout the key stages of the work, reviews the significant areas and signs the audit report. The same team returns each year, so they know your business, and you always have direct access to the partner when a question needs a senior answer.
Audit fees depend on the size of the company, the number and complexity of transactions, the state of the accounting records, the group structure, any specific IFRS issues and the deadline. A first year audit also involves additional work on opening balances. We assess all of this before we quote, and the fee is agreed in writing before work starts.
It depends on the size of the company, the state of the records and how quickly information is provided. We agree the timetable at the start of each engagement, together with what we need from you and by when, and plan the work around your filing, bank or group reporting deadlines. If anything threatens a deadline, you hear about it early.
Changing auditors is a routine process. The new auditor is appointed by the shareholders, usually at the general meeting where the current auditor is not reappointed, or after the current auditor resigns. Before accepting, we contact the outgoing auditor for professional clearance, as the code of ethics requires, and arrange access to the prior year information we need. Ideally the appointment is made before the year end, so the audit can be planned from the start and we can attend any inventory count. Where that is not possible, we cover the opening balances through additional procedures.
Yes. We audit standalone and consolidated financial statements for Cyprus holding companies and international groups, including BVI entities and companies in other jurisdictions that require assurance. Where subsidiaries are audited by component auditors, we coordinate with them directly and limit our requests to what the consolidation needs. This keeps the group audit efficient and avoids repeating work already done at local level.
We start with a short, focused request: the trial balance and detailed ledger, the prior year audited financial statements, key agreements and authority to request bank confirmations. Detailed follow-up questions come later, and only where the work requires them. Our first audit checklist sets out what to prepare and what to expect.
Beyond cost, you should consider the auditor’s experience in your industry, IFRS and tax expertise, responsiveness, and ability to provide practical solutions. An audit should give you clarity and confidence, not just a report for filing. Just as important are trust and open communication with your audit partner.
All audit firms in Cyprus must be licensed by the Institute of Certified Public Accountants of Cyprus (ICPAC), with their names publicly listed in the ICPAC register. Firms are also monitored by ICPAC in cooperation with ACCA. We are proud to have recently passed an ICPAC monitoring review conducted by ACCA with excellent results, reflecting our commitment to audit quality, ethics, and international standards.
Every Cyprus company must prepare IFRS financial statements, and most must have them audited by a licensed statutory auditor. Small private companies that stay below the turnover and total asset thresholds for two consecutive years can replace the audit with a review engagement. Our guide to Cyprus audit requirements explains the thresholds and deadlines in detail.
A statutory audit, performed under the International Standards on Auditing, gives reasonable assurance that the financial statements are free from material misstatement. It involves detailed testing of balances and transactions. A review engagement under ISRE 2400 (Revised) gives limited assurance, mainly through inquiry and analytical procedures, so it takes less time. However, it is only available to small private companies that qualify for the audit exemption, and it must still be performed by a licensed Cyprus auditor.
Begin the Process
If you’re looking for a Cyprus statutory audit, review engagement, or assurance services, our team is ready to assist. From initial planning and document preparation through fieldwork and final deliverables, we ensure a seamless audit experience with partner-led involvement, fees agreed upfront and a timetable you can plan around.