Statutory audits

We, at Kypris & Associates S.A., do not see an audit as just an obligation imposed by the state. For us an audit presents the opportunity and the challenge to perform an analytical review of the company's systems, its organisation and its performance.
At the end of the day the audit is not an exercise aimed at satisfying the shareholders, but it becomes a cost effective and a very useful tool for the company's management.
An audit is required for any company when 2 of the following 3 limits are reached for two consecutive (12 month) financial years:

Annual net turnover: € 8,000,000

Total assets: € 5,000,000

Average number of employees during each year: 50

Other audit services

In addition to statutory audits, we provide the following audit services:

Shipping companies audits.

These audits are usually required by the lending banks and are carried out in accordance with IFRS.

The partners of our firm have been offering their services to the Greek shipping community long before the firm was founded in 1978 and consequently we may claim with certainty that we are experts in this field.

The accumulated experience gained by our team for more than 40 years gives us the ability to provide our clients with high-level professional services such as:

• Reliable assurance reports on the financial statements
• Assessment of the integrity of internal reports
• Advice on accounting and financial reporting issues
• Design and implementation of internal controls

Assurance Services other than audit

We provide the following business assurance services:

-Internal audit, designed to cover all aspects of a business, financial and other, so that the management can achieve its goals and minimise risk.

-Risk management, which involves identifying and assessing key risks, in order to develop a management strategy for dealing with future potential risks.

-Review of interim financial information.

Agreed-upon procedures regarding financial information.

These audits are governed by the International Standard on Related Services (ISRS) 4400 "Assignments for the Execution of Pre-agreed Financial Information Processes". The scope of the audit is generally limited to certain elements of the financial statements or other financial documents. As a result, the scope of the audit and the level of assurance are more limited than in the case of a full audit of the financial statements. The reports of pre-agreed procedures are generally intended almost exclusively for client use and deal with the audit procedures and methods followed as well as the audit findings, with particular reference to irregularities and recommendations.