Audit Services in Paphos

A financial statement audit is an independent examination that enables an auditor to express an opinion on whether a company’s financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework.

The auditor examines evidence and assesses risks to obtain reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. An audit provides a high level of assurance, but does not guarantee that every error or instance of fraud will be detected.

Commonly requested documents include your trial balance, general ledger, bank statements, sales and purchase invoices, payroll records, loan agreements and details of significant assets and liabilities. The exact requirements depend on your business and the period being audited.
We help you organise the available records and respond to the audit partner’s document requests. Additional information or explanations may be needed as the audit progresses.

Audit fees depend on the size and complexity of your business, its activities and the work required. The condition of your accounting records and supporting documents can also affect the time involved.

Contact us for a personalised quote. We will clarify the audit partner’s fees, any separate accounting preparation costs and what is included before work begins.

The independent audit partner issues an auditor’s report expressing an opinion on your company’s financial statements. The opinion reflects the audit findings and the evidence obtained; it is not a guarantee that every figure is correct.

Where relevant, the auditor may also communicate findings and recommendations to management, including matters concerning internal controls. WizAce helps you understand accounting points requiring follow-up and supports the necessary work on your records.

Yes. A voluntary audit may be useful when seeking finance, bringing in investors or providing shareholders with independent assurance over the financial statements. Whether it is worthwhile depends on your business’s circumstances and the requirements of those who will use the accounts.

Before proceeding, we discuss your objectives with you and the audit partner to clarify whether an audit is required or appropriate, what it would involve and the expected fees.

The time required depends on the size and complexity of your business, the completeness of your records and how quickly outstanding queries are resolved. Additional evidence or complex transactions can extend the process.

At the outset, we coordinate with you and the audit partner to establish an expected timetable and explain what information is needed. Providing complete records promptly helps the work progress, while completion remains subject to the auditor obtaining the necessary evidence.

You and your team will need to provide accounting records and supporting documents, explain relevant transactions and respond to the auditor’s questions. It helps to nominate a contact person who can coordinate responses within your business.

WizAce helps organise the information and follow up on outstanding accounting queries, while the independent audit partner carries out the audit procedures. The time needed from your team depends on the complexity of your business and how complete and accessible your records are.

The audit is performed by our independent audit partner, who is responsible for the audit procedures, conclusions and auditor’s report. WizAce provides accounting preparation and coordination support, helping you organise records and respond to information requests.

The audit partner assesses the applicable independence requirements before accepting the engagement. WizAce’s support does not determine or influence the audit opinion.

Yes. We can review your existing accounting records, identify missing documents and agree on the bookkeeping and reconciliation work needed to prepare them for audit.

We explain the scope, fees and expected preparation timeframe before starting, and coordinate with the audit partner regarding the information required. Any gaps that remain unresolved are brought to your attention and may affect the audit timetable.

The audit partner discusses identified matters with management and explains any further information or corrections needed. WizAce helps investigate differences in the accounting records, gather supporting evidence and prepare necessary accounting adjustments.

Management remains responsible for the financial statements, while the audit partner independently evaluates any unresolved matters and their implications for the auditor’s report.