Published Article on LinkedIn, on September 11, 2020 by John Joannides
Experienced Corporate Lawyer in Cyprus specialising in Cross-Border Transactions | Wealth Structuring | Maritime Law
Audit Independence & Fiduciary Services: Are “Network Firms” Just Supermarkets?
DIRECTIVE 2014/56/EU of 16 April 2014 amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts was enacted by Cyprus through the Auditors’ Law 2017 (N. 53(I)/2017) (the “Law”), which, inter alia, prohibits any connection between the appointed auditors of a Cyprus company and the board of directors and/or officers of the same company;
The legitimacy of the audited financial statements, as well as the value of directorships of a company are potentially compromised in instances where that company’s officers are in any way connected or associated to the company’s appointed auditors. Click Here To Continue Reading.
