KPMG Cyprus

KPMG in Cyprus, as a member firm of the global KPMG organization, offers a comprehensive suite of professional services to help businesses navigate complex challenges, seize opportunities, and achieve sustainable growth. Their work can be broadly categorized into three core service lines: Audit & Assurance, Tax, and Advisory, with a dedicated focus on Enterprise clients (entrepreneurs, family businesses, and fast-growing companies). They also have a specialized Law practice. Here's a detailed breakdown of the work they do: I. Audit & Assurance KPMG's Audit & Assurance services are foundational to their practice, aimed at providing independent, high-quality financial statement audits and other assurance services. The goal is to enhance the reliability of information used by investors and capital markets, fostering trust and providing valuable insights into a business. Key aspects include: Financial Statement Audits: Performing audits of statutory annual financial statements based on International Financial Reporting Standards (IFRS) as adopted by the European Union, ensuring compliance with applicable laws and local reporting requirements. Regulatory Reporting: Assisting clients with compliant reporting and other regulatory reporting, such as reviewing half-yearly reports as required by regulatory authorities. Audit Data & Analytics: Leveraging advanced technologies and data analytics to transform the audit process, enhancing efficiency, quality, and the depth of insights provided. ESG Assurance: Providing assurance over Environmental, Social, and Governance (ESG) data, which is becoming increasingly critical for stakeholders and regulatory compliance. Internal Audit: Offering internal audit function outsourcing or co-sourcing, helping clients manage strategic risks, identify best practices, and find opportunities for cost reduction and profit improvement. This includes reviewing compliance with relevant laws, setting procedures, developing policies and procedures manuals, and reviewing controls. Technical Accounting Advice: Providing timely advice and support on a wide range of accounting and financial reporting matters, including adherence to new or revised accounting standards (e.g., IPSAS for the public sector), and assisting with the accounting aspects of transactions like acquisitions or divestitures. Agreed-Upon Procedures: Performing specific procedures agreed upon with clients and reporting on factual findings. Readiness Reviews: Preparing companies for various reporting requirements or significant changes (e.g., public debt raisings, IPOs). II. Tax KPMG's Tax practice helps organizations navigate the ever-evolving tax landscape, locally and globally, to manage tax risks, achieve compliance, and identify tax savings opportunities. Their services are tailored to meet diverse client needs and objectives. Key areas include: Corporate Tax: Advising on improving a company's overall tax charge, structuring cross-border transactions efficiently, providing advice for new business establishments, optimizing financing structures, corporate tax compliance, assistance during tax inspections, and implications of company liquidations. International Tax: Providing meaningful advice on cross-border tax matters, leveraging their global network of professionals. Indirect Tax: Offering advice and assistance on indirect taxes at both the Cyprus and international levels. Transfer Pricing Services: Helping companies implement economically supportable transfer prices, document policies, and respond to challenges from tax authorities. Global Compliance Management Services: Assisting multinational clients with their tax compliance needs across various jurisdictions. Private Client Services: Advising family businesses and high-net-worth individuals/executives on managing and enhancing their wealth through tax-efficient strategies. Tax Alerts & Updates: Keeping the business community informed about the latest tax developments, legislative changes, and new digital tax services. III. Advisory Advisory services at KPMG are designed to help organizations create and protect sustainable value. This broad category encompasses a wide range of consulting and specialized services aimed at improving business performance, managing risks, and enabling transformation. Key offerings include: Management Consulting: Digital Transformation: Guiding organizations through rethinking their operations to become more modern, intelligent, and resilient through digital innovation, leveraging AI and data. This includes services related to KPMG Powered Enterprise solutions (pre-configured solutions for finance, HR, procurement, supply chain, IT, etc.). People and Change: Assisting with behavioral change management, talent development, organizational design, and HR function optimization. Operations: Helping clients optimize their operational processes to meet business challenges and drive efficiency. Customer Advisory: Engaging with clients to enhance customer experience and engagement strategies. Deal Advisory (Transactions & Restructuring): Mergers & Acquisitions (M&A): Providing support throughout the transaction lifecycle, from due diligence to post-deal integration and structuring. Capital Raise & Investments: Assisting companies in raising capital and managing investment strategies. Restructuring & Turnaround: Helping companies facing financial distress with corporate rescue, turnaround strategies, financial restructuring plans, managing lender relationships, and negotiating with stakeholders. Risk Consulting: Cyber Security Services: Helping organizations assess their readiness to prevent, detect, contain, and respond to cyber threats. This includes cyber maturity assessments, identifying vulnerabilities, prioritizing remediation, and ensuring compliance. Internal Audit, Risk and Compliance Services (IARCS): Helping clients manage strategic risks, identify best practices, and improve risk management frameworks. Financial Risk Management (FRM): Assisting investment firms and funds with managing financial risks. Regulatory & Compliance: Delivering practical and strategic insights on evolving regulatory developments and assisting clients in obtaining regulatory approvals for various investment vehicles. Accounting Advisory Services: Providing accounting and financial reporting advice and support on complex transactions and compliance with new accounting standards. ESG (Environmental, Social, and Governance): Providing transformative and sustainable insights to help organizations prepare for and integrate ESG considerations into their strategies and reporting, including sustainability reporting assurance. IT Advisory: Offering guidance on IT strategy, digital transformation, data, AI, cloud transformation, and cybersecurity. IV. Enterprise KPMG's Enterprise division is specifically geared towards supporting the unique needs of entrepreneurs, family businesses, and fast-growing companies. They understand the passion that drives these entities and aim to provide tailored advice to help them excel at every step of their business journey. This includes services like: Strategic advice for growth and expansion. Guidance on managing and enhancing wealth for family businesses and high-net-worth individuals. Insights on venture capital trends and funding. Support with operational and financial challenges specific to private enterprises. V. Law KPMG in Cyprus also offers legal services, focusing on areas such as: Corporate & Commercial Law Company Secretarial Services Competition Law and EU Law Private Client Services Intellectual Property Real Estate Law Employment Law Financial Services Law Capital Markets Law In addition to these core services, KPMG in Cyprus is highly engaged in thought leadership, publishing reports, alerts, and insights on economics, tax, regulatory changes, and industry-specific topics. They also operate the KPMG Academy, which organizes seminars and conferences to help professionals stay updated and enhance their expertise. Overall, KPMG in Cyprus aims to be a trusted advisor, combining a multi-disciplinary approach with deep industry knowledge to help clients meet challenges and respond to opportunities effectively and sustainably.