Services

Regulatory/Statutory Audits

“Value is added to your business upon appointment of licensed Certified Accountant and Registered Auditor who is eligible to provide the independent credible opinion expressed upon your financial statements”.

AFN firm can perform business “Review Engagement upon financial statements” for eligible entities.

AFN is a licensed Firm with General Practise to perform Accounting work and Audit License to conduct independent examination of businesses financial records to ensure that financial statements prepared are accurate and comply with relevant laws and regulations so as to eventually express an independent professional opinion that by all means provide credibility to your business.  This is considered to be a two way relationship whereas, as professional accountants we embrace your business and your intended users and stakeholders.

Ask for AFN firm appointment in case you want to determine business sustainability to get the AFN professional point of view.

AFN firm assurance service is conducted based upon all parties collaboration so as to provide your business, clear and transparent, comprehensive and congregate information. The guide below provides clear lines upon AFN conduct:

• Management is responsible to provide all the information needed regarding the financial reports
• AFN firm evaluates all the information business provided along with any further information requested and received from third parties to issue the independent assurance report, to deliver the required credibility and law compliance
• Whereas needed confines to deliver to the intended users and stakeholders the necessary business financial information report

Regulatory/Statutory Audits are conducted for Cyprus region as Audit Fusion Network is licensed for, located in, and follows Cyprus laws applicable upon business and nature of its activities. A non comprehensive List of the laws we abide to can be found here

“Review engagement” service as incorporated under Companies Law,Cap113 applies to eligible legal private entities that are not subject to regulation and supervision by the Central Bank of Cyprus, the Insurance Superintendent and the Cyprus Securities and Exchange Commission. Contact AFN firm to express your interest in this service.

Internal Audits

“Reduce and minimize business risks”.

AFN firm provides for an experienced Certified Accountant and Registered Auditor to deliver feedback upon effectiveness of business internal procedures and controls”.

Why business needs internal audit?  This is an Essential Element for business sustainability. Verifies business controls and procedures in place.

Business lacks of an internal control system?  Business is left at its mercy!

Appoint AFN firm to establish the business internal control system. Nobody can tell who or what can mess things up and put business at risk !!!

Internal Audit is grounded upon sincere collaboration between you and us as AFN firm engaged to perform the task. Internal audit can provide:

• Reliance upon financial information and reports
• Legal and regulatory compliance
• Ensure PPE safety and proper use
• Define business continuity

Operational Audits

“How cost effective is business environment?

AFN Firm can appoint a Certified Accountant and Registered Auditor to provide feedback how accurately and efficiently business is done”.

Why? Business has to rely upon financial data.  Financial data integrity and safety is fundamental to ensure business financial health and sustainability!  But have you heard the saying “garbage in garbage out”?

Business operation is run through the system established and governs Data Integrity and Safety through Procedures and Processes.

But how accurate and efficiently this overall business operational environment actually works?

Nobody knows when this system may fail either as a whole or partially through procedures and processes that as previously said control data integrity and safety that provide valid and reliable information in an efficient cost effective manner for the business outcome and results. 

AFN Firm suggest that to get the desired accurate feedback, it is required to establish a two way fruitful and sincere collaboration.

Taxation

“AFN Firm provides Assistance to meet business and personal statutory obligations”.

All entities, legal and physical, need to abide tax requirements, either by getting a tax identity number, or filing annually their tax return, or employer’s return, immovable property declaration or computation of temporary tax for the year under assessment and so on.

What are your regulatory obligations and how this works; Contact AFN Firm for further details.

Regulatory system involves:

Direct Tax is imposed depending on the scheme involved. Individuals (PAYE system if employee or through self assessment if under self employed scheme).  For individuals the tax imposed is called income tax.

For Entities involved in business are liable to the following: taxable income to calculate the corporate tax, dividend, interest and rent income, special contribution for defense and Gesy, sale of immovable property, if liable to capital gains tax and certain criteria apply and need to be met for the these taxes.

Tax Obligations mentioned above abide to Cyprus laws and regulations depending on the nature. AFN Firm list of laws obliged to abide to can be found here.

Value Added Tax

“Assist to meet your running business’ commitments and obligations”.

VAT is an Indirect tax imposed upon goods and services where the taxable entity acts as the agent to collect the indirect tax from customers on behalf of VAT and submit it to the Republic of Cyprus.  Since 13.1.2014 the following rates apply, regardless the periodic adjustments caused either by the pandemic or economic conditions in place: 19% being the standard rate, 9% being the reduced rate 2 (imposed upon , passengers’ transport and their luggage with urban and rural buses), 5% being the reduced rate 1 (imposed upon writers, artists, fertilizers’ supply, animal foodstuff, live animals, seeds, non bottled water, salted nuts, camping sites letting and caravan parks, hair salon services, repair and maintenance of private households when specific condition is met, confectionery products, bottled water, juices, pharmaceutical products previously taxed under 15%, entry fees to theaters, cinemas, sports events, luna/amusement parks and similar cultural events) and Exempt VAT is applied upon medical care, social welfare, education, sports, cultural services, insurance transactions.

VAT Obligations rise and abide to Cyprus laws and regulations depending on the nature. A non comprehensive List of the laws AFN Firm abide to can be found here.  It has to be noted that through the years variations are noticed depending upon the governmental policy to assist citizens at that specific time.

Consulting & Accounting

“AFN Firm is licensed to offer contractual service to assist in maintaining proper records to move business towards success path”.

AFN Firm contractual service acts as the key element to boost business further. How? Probable risks are identified to be properly addressed to ensure that financial records are appropriate to the business nature, comply to the business regulatory environment to ensure business continuity.

AFN Firm concentrates on business essential success factors so that business manages its resources in accordance to actual needs and suggests that Management is aware on what ground the business operates.  The fundamental parameter to properly adhere to it !

AFN Firm does business accounting by recording and organizing financial data, the most crucial financial sustainability business factor !