Preparation of Audited Financial Statments

Updated: Mar 24

The Companies Law requires every company to prepare a director’s report and audited financial statements each calendar year and are to be presented to the company's annual general meeting.

The financial statements are comprised of the income statement, statement of financial position, cash flow statement, statement of changes in equity and supplementary notes. The directors are legally responsible for the preparation and the contents of the report and the financial statements.

The first financial statements, according to the Companies Law, must be prepared and presented to the meeting not later than 18 months after the incorporation of the company and subsequently at least once a year.

The statutory audit is required for all companies active or not.

For this reason, all companies must provide all necessary information and documentation for the preparation of the financial statements in order to comply with the Companies Law.

As a minimum, the provided documents must include:

· All funds received for the purpose of the business

· All bank statements for all currencies (if any)

· All sales and purchases of goods and/or services

· The assets and liabilities of the company

· Documentation proving the ownership of all subsidiary companies (if any), as well as a recent extract from the relevant registry and financial accounts

If the company did not conduct any business during the financial year, dormant accounts must be prepared and be lodged. In such case, a signed letter from the beneficial owners stating that the company was dormant should be provided.

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