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Indirect Tax
Our experienced VAT specialists are available to assist companies and entrepreneurs of all industries and sizes in meeting their obligations.
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Direct Tax
We can help you ensure a bespoke balance between tax compliance and effective tax planning for your special circumstances.
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Privacy and Data Protection
Our digital risk team is made up of a combination of subject matter experts and technical specialists who can help your business comply with the GDPR.
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Governance, Risk and Compliance (GRC)
While business goals and strategies evolve, our services support you wherever you are in your business cycle. The digital economy is simultaneously increasing the magnitude of new business opportunities while increasing the difficulty of getting it right.
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ISO 27001 and ISO 27701
Grant Thornton’s ISO 27001 and ISO 27701 specialists will arrange and oversee the formal audit process.
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SOC 1,2,3
As a service organization there are many ways to provide assurance to your customers and in turn other stakeholders over your control environment. One of the most effective and cost-efficient ways is to issue a Service Organization Control (SOC) Report.
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Incident Response
Grant Thornton’s Cyber Incident Response Team can support your business in the event of a cyberattack or data loss event. We work alongside your existing IT and Legal teams to provide a co-ordinated, timely and efficient investigation and remediation.
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Hacking Services
At Grant Thornton, our cyber security experts can develop a bespoke penetration testing plan to meet your business needs and unique IT environment. We can undertake the full suite of testing or conduct individual assessments, as required.
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Cyber Health Check
Approximately 54% of organizations report that they have experienced at least one cyber-attack during the past year. Grant Thornton’s cyber health check provides you with an objective, jargon-free assessment of your current cyber security, drawing on both qualitative and quantitative elements.
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Dark Web Threat Intelligence
We use a variety of dark and deep web monitoring tools that continuously scans illegal sites to discover any mention of your data, ranging from breached security credentials such as usernames and passwords to leaked confidential documents of your company.
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Digital forensics and electronic discovery
We offer a full suite of digital forensics and data acquisition services in investigations related to cybercrime, disputes, fraud and regulatory investigations.
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Insolvency
If you're facing a time of personal or corporate financial crisis you need advice from someone who listens, who understands your specific issues and deals with them in a supportive and sensitive manner.
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Crisis stabilisation and turnaround
In periods of financial distress, management teams often face considerable challenges, with many directors having little or no experience of similar conditions.
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Operational and financial restructuring
Companies challenged by underperformance often need support in identifying options for financial or operational restructuring. Tapping this type of advice helps them create a stable platform for business turnaround.
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Accelerated M & A
Even fundamentally sound businesses run into difficulties. Cash flow can come under pressure from the loss of a big client, or a dip in performance can threaten a breach of banking covenants if there is insufficient headroom.
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Life at Grant Thornton
At Grant Thornton Cyprus, we are taking a holistic approach and reimagining the way we work, continually assessing it and making necessary changes to better support our people.
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In the community
Unlocking the potential for growth in our local communities.
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Diversity and inclusion
Diversity helps us meet the demands of a changing world. We value the fact that our people come from all walks of life and that this diversity of experience and perspective makes our organisation stronger as a result.
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Global talent mobility
One of the biggest attractions of a career with Grant Thornton Cyprus is the opportunity to work on cross-border projects all over the world.
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Learning and development
At Grant Thornton we believe learning and development opportunities allow you to perform at your best every day.
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Our values
We are a values-driven organisation and we have more than 56,000 people in over 140 countries who are passionately committed to these values.
Assurance
Grant Thornton has more than 18,000 people committed to delivering best-in-class assurance services in more than 140 countries. A key component of our global strategy is to promote the delivery of consistent, high quality client service worldwide.
Grant Thornton Cyprus can provide you with innovative assurance services covering the following:
- statutory audit
- voluntary statutory audits
- non-statutory audits, including compilation reports
- financial reporting services - IFRS.
Why Grant Thornton?
We have the size, scope, breadth, depth and global reach to serve dynamic organisations around the world. Our teams can provide you with assurance services that deliver real value and support investor confidence.
We coordinate, cooperate and communicate based on our shared global strategy, which ultimately leads to greater consistency and better quality.
A culture of quality
Our reputation is built on the quality of the work we deliver. Our approach to quality assurance is designed not only to ensure compliance with all relevant regulatory requirements, but more importantly to ensure that we deliver the absolute best to our clients every time we work with them.
We offer robust independence as a core value against which all of our services and people are assessed; more hands-on input and accessibility at senior level; more face-to-face time with clients; to take the time to understand clients’ needs; specialists that operate outside technical silos; and sector and industry specialists with breadth and depth of expertise.
We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet applicable professional standards, we provide observations and insight into the real performance of your business.
We have a dedicated quality monitoring programme that focuses on the six elements of International Standard on Quality Control (ISQC) 1. Under this programme, we review the audit quality of all our member firms and provide feedback on the design, implementation and operation of their assurance practice quality control.
This rigorous approach helps make sure we deliver consistent, quality services for our clients worldwide over the longer term.
A single global audit approach
Our audit approached is governed by policies that ensure compliance with the International Standards on Auditing, International Standards on Quality Control and the IFAC Code of Ethics for Professional Accountants.
We use one audit methodology globally, which means we can offer you consistent, high quality services wherever you are in the world.
Our audit methodology, Horizon, features a partner-led process that focuses our audit efforts on those areas of your financial statements that represent the greatest risk.
Horizon also features integrated quality-control processes, including policies and procedures for engagement quality-control review. The Horizon methodology is supported by the Voyager suite: an integrated set of six proprietary software tools.
International Financial Reporting Standards
The International Financial Reporting Standards (IFRS), are a set of global accounting standards developed by the International Accounting Standards Board for the preparation of public company financial statements. With well over 100 countries using them, they are fast becoming the global accounting language.
Using IFRSs can help increase the quality, comparability and transparency of your financial information. Applying them correctly will increase your company's credibility and improve access to credit and investment opportunities.
The Standards are very detailed and technical. To the untrained eye, they can appear hard to navigate. But at Grant Thornton, we have people who are very well versed in their intricacies and can translate them into language that you can understand and apply to your financial statements.
IFRS reporting services consist of:
- offering regular training programmes
- providing assistance in selecting suitable accounting policies in order to fairly present an entity’s financial position and financial performance.
- providing assistance for the identification and monitoring of all necessary reporting disclosures application for the preparation of IFRS financial statements.
Grant Thornton publishes extensive technical and interpretive guidance, newsletters and other tools and resources. Grant Thornton also actively contributes to the development of IFRS. This includes the submission of global comment letters on proposals for new and amended standards as well as participation in roundtables and other events. We are also a member of the IFRS Interpretations Committee, the IFRS Advisory Council and the IFRS for SMEs Implementation Group.
Our IFRS advisers can help you navigate the complexity of the Standards so you can focus your time and effort on running your business. One of our core skills is the composition of our team with highly qualified professionals who possess both the experience and the know-how.
Our partners are actively involved in various committees regarding the profession in Cyprus. Specifically, we have had representations on the Audit committee and IFRS committee of ICPAC and our regulatory body.
Grant Thornton Audit Review
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high quality services to our clients.
To accomplish this, each member firm submits to an inspection of its quality control system under the Grant Thornton Audit Review (GTAR) at least once every three years.
The GTAR monitors compliance with professional standards and global audit policies. It is conducted by independent partners and managers from other member firms under the direction of the global audit quality control leader.
The inspection process includes an evaluation of the member firm’s assurance policies, benchmarking these against the international organisation. The team reviews financial statements, audit reports, engagement work papers and files, and interviews partners and staff.
The report on a firm’s quality-control system will report one of the following:
- suitably designed and operating effectively (an unqualified report)
- suitably designed and operating effectively except for one or more significant deficiencies (an except-for report)
- having material weaknesses in the design or operation of the quality-control system (an adverse report).
When the GTAR identifies a deficiency, the member firm is expected to address the deficiency and document its action plan to address the findings within a reasonable period of time and submit appropriate documentation. When follow up actions are required by member firms to address findings identified during the GTAR, a further visit or remote assessment is made to review progress in implementing these actions.
Learn more about our GTAR process in our latest transparency report.
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
The suite includes:
Voyager: a tool for assisting audit teams in the identification of financial statement risks and linkage to the processes and internal controls established to address those risks. Voyager also assists audit teams in documenting, evaluating and testing internal controls and designing an appropriate substantive response.
Client acceptance: an application that enforces policies and procedures that each member firm must adopt to accept a new assurance engagement.
Our audit teams also use a data extraction and analysis tool, IDEA, to analyse large amounts of financial data and generate confirmations. Using IDEA, we access this data in a matter of seconds.
If you have any questions or would like to find out more about how we can help, please contact our head of Assurance Froso Yiangoullis.
