Independent External Audit is conducted in order to report to the users of financial statements, including shareholders as to, whether the statements give a true and fair view. The audit report provides credibility to the shareholders, investors, state, customers, financial markets and the public in general. The report is prepared after detailed audit work is performed in accordance with the audit programme by competent and experienced auditors.
Erdal & Co provides professional independent financial audits to corporations, companies, charities, foundations and other non-profit making organizations. The audits are carried out according to the international auditing standards and code of ethics.
The audits are carried out with a teamwork making use of technology wherever possible. The firm has relevant and reliable knowhow and human resources to perform services at the highest standard. Majority of the audit team possess authorised accountant – auditor certificates from the Ministry of Finance. Ethical standards are strictly followed.
The teams are comprised of audit managers, senior and junior auditors. The audit teams are structured according to the risk, size and complexity of the clients’ business and the technical knowledge and experience required.
Erdal & Co audit methodology consists of, in terms of priority, Planning and Analytical Review, Fieldwork and Completion stages. The risks and materiality are determined in the planning stage for the preparation of the audit plan. The audit plan is reviewed and audit redirected if different risks or more are determined during the audit fieldwork.
In the completion stage, after the review of the audit manager, the audit files are reviewed by the responsible partner and audit is completed following any outstanding matters raised are cleared. According to the audit results the ‘Independent Audit Report’ is prepared. In addition any errors, weaknesses and omissions identified during the audit, and their potential consequences are reported to the Board of Directors together with Erdal & Co’s recommendations.
The audits of companies regulated by their own laws and regulations such as banks, insurance companies, international banking and business units and other companies are performed by senior auditors with extensive relevant knowhow. In case of any non-compliance, the senior management is informed and immediate action is taken in order to resolve the issue.
Erdal & Co has been continuing to provide auditing services to many multi branch and international corporations (including non-profit organizations, charities and foundations) since its establishment. The firm has also provided Expenditure Verification audits for EU Grants in North Cyprus.
Erdal & Co provides financial management, company acquisition, disposal, valuation, merger, liquidation, inheritance and restructuring consultancy services to Banks, companies and inidividuals with its extensive knowledge and experience. In recent years particularly the idea of ‘corporatisation’ has gained momentum locally due to increased competititon and growing companies. Erdal & Co has extensive knowledge and experience in the design, implementation and audit of Internal Control Systems.
In addition the firm also provides services for Strategic Planning and budgeting. Erdal & Co also provides conulstancy for the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS).
Private and public limited companies have to keep proper accounting records and prepare Balance Sheet and Profit and Loss Account that give true and fair view.
Erdal & Co provides bookkeeping services to companies, charities and other non-profit making organizations. The accounts are kept according to Uniform Code of Accounts system and Tax Procedural Law applicable in North Cyprus.
Bookkeeping service is provided by using appropriate accounting software. Every client is visited by our staff on a monthly basis. At these monthly visits VAT, PAYE, social security and provident fund returns are also prepared.
In case of any tax conflicts with the Tax office, appropriate manager or partner assistance is provided to our clients in order to reach a solution.
Erdal; Co prepares tax computations and provides tax planning services to its clients in conformity with Corporation Tax, Income Tax, VAT and other tax laws. In addition, the firm provides consultancy services in case of any tax dispute.
The tax service is provided by the experienced staff and partners. The amendments to tax laws are closely monitored and most up to date knowledge base is used in providing the tax service.
Company Formation and Other Services
Erdal & Co provides consultancy services for the incorporation of companies under the Companies Law, Partnership and Business Names Law, Free Port and Zone Law, International Banking Unit Law and International Business Unit Law. In addition, the firm provides consultancy services for trademark registrations.
Services are also provided in the areas of preparation and presentation of the Annual Report, as required by Companies Law as well as the amendment of other requirements such as changes in shareholders, directors, secretary, address, name and Memorandum and Articles of Association.
Erdal & Co provides consultancy services in company establishment under the Companies Law, Collective and Commandite Companies and Commercial Titles Law, Free Port and Zone Law, International Banking Units and International Business Companies Laws.
Since 2008, it has been authorized for the audits of the European Union Grant Programs and has been conducting audits.
In addition, he provides consultancy for trademark registration.
To small companies and natural persons in accordance with local tax and accounting procedures:
Bookkeeping and control
Preparation of financial statements
Preparation of the tax base
Preparation and submission of Corporate Tax Declaration
Preparation and submission of Income Tax Return
Preparation and submission of Value Added Tax Declaration
And as per Company law
Registration of Companies procedures – Preparation and submission of the Annual Report,
Making changes in the company shareholder, director, secretary, address, name, Articles of Association and Statute details