What is the current situation of the mandatory annual audit for Cyprus companies?

[anotherone]

Back in 2016, The Cyprus authorities introduced mandatory financial audit of bookkeeping records for every company

Today, I discovered that the Cyprus authorities started to push back.
https://cyprus-mail.com/2022/04/05/some-businesses-may-be-exempt-from-annual-audits/
What is the current situation?

Are micro companies with a revenue of less than 200000 euros and a director/shareholder exempt of hiring a certified professional to sign off bookkeeiping records?

 

[Sols]

As far as I know, audits are mandatory for all companies. No exceptions exist.

Audits being mandatory has made for a relatively competitive market. You can shop around, but I‌ wouldn't go for the absolutely cheapest option. Audit costs are based on number of transactions‍ and business complexity. A one-person company with maybe a dozen or so transactions per month⁠ can be audited for around 1,500,2,000 EUR with a decent auditor.

Unless you have very⁤ specific needs, it's usually easier and most convenient to go with the auditor chosen or⁣ recommended by your corporate service provider.

 

[anotherone]

It looks like it︀ just has changed:
https://www.taxathand.com/article/2...uirements-for-companies-and-individuals-eased
I quote: