AuditLine Limited can assist clients requiring internal audit services.

Internal auditing is an objective assurance and consulting activity designed to add value and improve an organisation's operations. By outsourcing this function will allow the company to focus on its “core business” functions . Our firm can providing a fully outsourced service that executes a full-scope, risk-focused internal audit plan with a designated in-house contact, who reports to the board of director of our clients.

Our Internal Audit Services includes:

• the exercise of special investigations on detection of fraud and conduct in depth procedure and policy examination highlighting potential areas of weakness
• the preparation and documentation of internal procedures and processes in accordance with client needs and in accordance with regulatory bodies’ requirements
• the design and implementation of internal audit programs
• the preparation of internal audit reports for management use and for company internal audit committees
• evaluation of the design, implementation and operating effectiveness of the clients’ internal procedures and processes
• Providing ongoing support services

Prepare the annual report of the internal auditor for submission to CySEC.

Our Qualified Accountants are in position to offer advice on the preparation of financial statements in accordance with International Financial Reporting Standards (IFRSs). Financial statements preparation services are applicable to companies that would like their accounting service provider to prepare the financial statements of the Company in accordance with IFRSs.

We offer IFRS Advice:

• on the accounting treatment of various accounting issues, ensuring compliance with IFRSs
• on issues like the impact on the financial statements of the company, when adopting an accounting policy or on performing a specific accounting transaction.

The VAT aspects of transactions between companies within the European Union (EU) and other transactions involving EU companies are becoming more complex. The VAT implication on the transactions of the companies is taken into consideration on the tax planning for a Group of Companies.

We offer services in relation to Value Added Tax (VAT) issues, and provide advice on the treatment of income and expenses, in accordance with the VAT law applicable in Cyprus.

Our services includes:

• Registering companies in the VAT authorities in Cyprus,
• Registering companies in the VIES authorities in Cyprus
• Advising clients on the regulations and obligations for VAT and VIES within the EU,
• Preparing and submitting the VAT and VIES returns to the relevant authorities.
• Preparing and submitting EU Sales Lists and IntraStat reports for companies trading within the EU,
• Maintaining VAT records
• VAT planning and advice
• Assistance in investigations made by the VAT authorities
• Assistance in the situation of additional taxes claimed and penalties imposed by the VAT authorities

In accordance with a letter issued by the Cyprus Tax Department (CTD) to the Institute of Certified Public Accountants of Cyprus (ICPAC), the guidance as to the minimum profit margins the CTD would be willing to accept in back-to-back loan transactions (“the back-to-back regime”) will be abolished as of 1 of July 2017.

AuditLine Limited can provide to its clients everything that is necessary to set up and operate a Virtual Office. Virtual officeservices vary from a personal business address, fax and telephone lines to Internet services which can all be used on business cards, letterheads and other marketing materials.

Some of the key benefits are:

a. Telephone message forwarding:

• Dedicated telephone number: a professional receptionist answers the calls in the company’s name and the message is forwarded accordingly.
• Shared telephone number: where the call is answered at the relevant office onbehalf of “AuditLine Limited” and the message is forwarded according to specific instructions.

b. Fax Forwarding:

• Dedicated fax number: faxes that are received at the dedicated line assigned to our client, are collected and then forwarded accordingly.
• Shared fax number: faxes that are received at the dedicated line assigned to our client, are collected and then forwarded according to specific instructions.

c. Mail Forwarding:

• Dedicated address: A personal postal address is designated and mail is collected from the post box regularly and then forwarded according to specific instructions.
• Shared address: Mail is received at a share street address and then forwarded according to specific instructions

d. Internet Services:

In addition to providing office services, web-related services are also offered. A personally designed website which includes web and domain hosting, website design and two e-mail addresses in the domain hosting.

Our firm provides Payroll and Social Insurance services to Companies which employ staff in Cyprus and abroad. Our payroll services includes:

• Advice for employers and employees
• Registration of employer and employees with the inland revenue department

• preparation of weekly and monthly payroll with a production of a pay slip
• preparation of monthly income tax returns
• preparation of employment contracts
• liaison with local tax authorities
• arrangements for the issue of tax certificates registration of the company to Income tax authorities
• administration of payments to the Income tax authorities
• administration of the payments of salaries to employees' bank accounts
• other matters in relation to payroll.

Accounting services are available for companies that would not like to bear the cost of maintaining an accounting and bookkeeping department. 

We strongly believe that the provision of timely and accurate financial information is crucial for businesses in order to:

• Avoid manual intervention & thus reducing the risk of errors (by using computerized accounting software)
• Provide timely delivery of required information Improve their control over their statutory reporting position
• Improve transparency
• Maintain the required compliance with the local statutory demands

Our firm is using computerized accounting software for recording and preparing accounting records and financial statements.

Our services in this field includes:

• Maintenance of proper books and records by using computerized accounting systems in a multi-currency system, enabling us to prepare financial statements in every major currency.
• Assistance in the setting up of computerized accounting systems at client's premises
• Training of staff in maintaining proper accounting records
• Invoicing services
• Preparation of monthly, quarterly, six monthly and yearly financial reporting on company's performance for management purposes
• Preparation and submission of quarterly V.AT returns and monthly VIES return bookkeeping and preparation
• Bank reconciliation with the monthly bank statements
• Ageing analysis of debtors
• Preparation of debtors statements of account

Reconciliation of creditors balances with the creditors statements of account

Based on the Companies Law in Cyprus, every incorporated company in the Republic of Cyprus is obliged to submit annually to the Inland Revenue its audited financial statements, which must be prepared by licensed auditors eligible to perform statutory audits. Audit/accountancy licenses are granted, monitored and regulated under the Companies Law and the assigned Regulated Bodies.

AuditLine Limited is an independent firm of accountants and auditors, which is a member of the Institute of Certified Public Accountants in Cyprus (ICPAC) The directors of the firm are members of the Association of Chartered Certified Accountants (ACCA), American Institute of Certified Public Accountants (AICPA) and the Illinois CPAs Society.

The Firm's audit methodology is aimed at providing the highest possible value to our clients offering advice and recommendations on improving overall internal control and efficiency of operations. Through its experienced and qualified auditors, AuditLine Limited is responsible for preparing and presenting accurate financial information to the shareholders of companies and to the authorities.

Our audit approach applied by the Audit and Assurance Department is tailored to clients' individual circumstances such as the industry sector in which they operate, their size and operations and their legal status by ensuring full compliance with International Standards on Auditing and internationally applied auditing practices.

Specifically our auditing services may provide to the client the following:

• Statutory Audit for companies registered in Cyprus and other jurisdictions based on International Auditing Standards (IAS).
• Preparation of company and consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRSs)
• Audit reports in accordance with International Standards on Auditing (ISAs)
• Preparation of Consolidated Financial Statements in accordance with IFRSs
• Preparation of Financial Statements for Non-Profit Organizations.

Constructive advice and recommendations on the systems of internal control & operations it and Assurance.

Our firm offers Taxation Services to Companies and Individuals. Taking into consideration the Cyprus Taxation Law, in combination with Double Tax Treaties available to Cyprus Companies, and the EU directives, we provide advice and guidance on various tax matters and assistance for effective tax planning. Clients engaged in international operations need proper international tax support from their auditors. They must be able to rely on professional tax advice in order to minimize their tax burden.

Our tax services includes:

At Corporate level:

• Registration with the local authorities
• Preparation and submission of the Company’s tax returns
• Review and advice on Company’s tax position and ensure the Company is fully compliant with tax regulations and deadlines
• Advice you on the timing and amount of your tax payments
• Assisting with tax investigations, in any issues or disputes may arise with the Cyprus Tax authorities and obtaining tax clearances
• Assisting the companies to obtain a tax ruling from the Cyprus Tax Authorities
• Assisting in obtaining a Cyprus Tax certificate
• provide tax opinions on the Cypriot tax aspects of the involvement of Cypriot companies involved in cross-border transactions

• assisting in the set-up of a Group Structure based on the tax planning of a group of companies

At Individual level:

• Registration with the local Tax Authorities
• Preparation and submission of the personal tax returns
• Advice you on Income Tax and Capital Gains Tax
• Cooperate with Inland Revenue for any issues may arise
• Inform you on the deadlines and amounts involved for your tax payments
• Obtaining a tax clearance certificates for expatriate employees