Audit & accounting

IFRS reporting

We can save you the headache of preparing your own annual accounts by doing the entire job for you, giving you peace of mind and saving you valuable time.

Alternatively, if you opt to do your own annual accounts, we can offer you as much support as you need to ensure timely compliance with all the relevant statutory requirements and current accounting standards.

Talk to us today about how we can reduce the pressure on preparing annual accounts for you or your organisation.

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Quantia Certified Xero Advisors
what we do
  • Taxation
  • Financial advisory
  • Corporate
  • Audit & accounting
our office
  • Quantia Advisors Ltd
  • 2B Massari Str | 2548
  • P.O. Box 17144 | 2261
  • Nicosia, Cyprus
contact us

Terms and conditions

1. Introduction

1.1 These terms and conditions set out the general terms under which we undertake our business. The specific conditions relating to particular assignments will be covered in a separate letter/letters of engagement.

2. Authorisation and registration

2.1 We are certified public accountants and registered auditors licensed by the Institute of Certified Public Accountants of Cyprus (ICPAC). Details of our registration can be found at www.icpac.org.cy

3. Client identification and verification

3.1 As with other professional services firms, we are required to identify and verify our clients for the purposes of the Cyprus anti-money laundering legislation. Save in exceptional circumstances we cannot start work until this requirement has been met. We may request from you, and retain, such information and documentation as we require for these purposes and/or make searches of appropriate databases including ID verification software.

4. Confidentiality

4.1 Communication between us is confidential. We shall take all reasonable steps not to disclose your information except where we are required to and as set out in our privacy notice. Unless we are authorised by you to disclose information on your behalf this undertaking will apply during and after this engagement.
4.2 We may, on occasions, subcontract work on your affairs to other tax or accounting professionals. The subcontractors will be bound by our client confidentiality and security terms.

5. Fees and payment terms

5.1 Our fees may depend not only upon the time spent on your affairs but also on the level of skill and responsibility, and the importance and value of the advice that we provide, as well as the level of risk.
5.2 If we provide you with an estimate of our fees for any specific work, then the estimate will not be contractually binding unless we explicitly state that that will be the case.
5.3 Where requested, we may indicate a fixed fee for the provision of specific services or an indicative range of fees for a particular assignment. It is not our practice to identify fixed fees for more than a year ahead as such fee quotes need to be reviewed in the light of events. If it becomes apparent to us, due to unforeseen circumstances, that a fee quote is inadequate, we reserve the right to notify you of a revised figure or range and to seek your agreement thereto.
5.4 We will bill as stated in the engagement letter and our invoices will be due for payment upon issue. Our fees are exclusive of VAT, which will be added where it is chargeable. Any disbursements we incur on your behalf and expenses incurred in the course of carrying out our work for you will be added to our invoices where appropriate.
5.5 Unless otherwise agreed to the contrary, our fees do not include the costs of any third party, counsel or other professional fees.
5.6 It is our normal practice to issue applications for payment when dealing with continuous or recurring work. The payment terms for applications for payment are the same as for invoiced fees. A VAT invoice will be issued to you upon receipt of your payment.
5.7 You authorise us to settle our agreed fees from any money held on your behalf in the client account.
5.8 We also reserve the right to suspend our services or to cease to act for you on giving written notice if payment of any fees is unduly delayed. We intend to exercise these rights only where it is fair and reasonable to do so.
5.9 If you do not accept that an invoiced fee is fair and reasonable you must notify us within twenty-one (21) days of receipt, failing which you will be deemed to have accepted that payment is due.
5.10 On termination of the engagement you may appoint a new adviser. Where a new adviser requests professional clearance and handover information we reserve the right to charge you a reasonable fee for the provision of handover information.
5.11 If a client company, trust or other entity is unable or unwilling to settle our fees we reserve the right to seek payment from the individual (or parent company) giving us instructions on behalf of the client and you agree that we shall be entitled to enforce any sums due against the Group Company or individual nominated to act for you.
5.12 In the case of a dispute over the level of fees charged we reserve the right to require that the matter is dealt with through arbitration. We recommend that arbitration is undertaken by the fee arbitration service provided by ACCA for members. The fee arbitrator will be appointed by the ACCA president; the fee will be as negotiated with the ACCA arbitrator.

6. Personal data protection

6.1 We confirm that we will comply with the provisions of the General Data Protection Regulation (GDPR) when processing personal data about you, your directors and employees and your/their family/ies.
6.2 Processing means:
- obtaining, recording or holding personal data; or
- carrying out any operation or set of operations on personal data, including collecting and storage, organising, adapting, altering, using, disclosure (by any means) or removing (by any means) from the records manual and digital.
6.3 The information we obtain, process, use and disclose will be necessary for:
- the performance of the contract
- to comply with our legal and regulatory compliance and crime prevention
- contacting you with details of other services where you have consented to us doing so
- other legitimate interests relating to protection against potential claims and disciplinary action against us.
This includes, but is not limited to, purposes such as updating and enhancing our client records, analysis for management purposes and statutory returns.
6.4 In regard to our professional obligations we are a member firm of the Association of Chartered Certified Accountants (ACCA). Under the ethical and regulatory rules of ACCA we are required to allow access to client files and records for the purpose of maintaining our membership of this body.
6.5 Further details on the processing of data are contained in our privacy notice, which should be read alongside these terms and conditions.

7. Electronic and other communication

7.1 As instructed, we will communicate with you and with any third parties you instruct us to, as set out in our covering letter and privacy notice, via email or by other electronic means. The recipient is responsible for virus-checking emails and any attachments.
7.2 With electronic communication there is a risk of non-receipt, delayed receipt, inadvertent misdirection or interception by third parties. We use virus-scanning software to reduce the risk of viruses and similar damaging items being transmitted through emails or electronic storage devices. However, electronic communication is not totally secure and we cannot be held responsible for damage or loss caused by viruses, nor for communications that are corrupted or altered after despatch. Nor can we accept any liability for problems or accidental errors relating to this means of communication, especially in relation to commercially sensitive material. These are risks you must accept in return for greater efficiency and lower costs. If you do not wish to accept these risks, please let us know and we will communicate by hard copy, other than where electronic submission is mandatory.
7.3 Any communication by us with you sent through the post is deemed to arrive at your postal address five (5) working days after the day that the document was sent.
7.4 When accessing information held electronically by the Tax Department, we may have access to more information than we need and will only access records reasonably required to carry out the contract.
7.5 You are required to keep us up to date with accurate contact details at all times. This is important to ensure that communications and papers are not sent to the incorrect address.

8. Retention of records

8.1 You have a legal responsibility to retain documents and records relevant to your tax and financial affairs for at least six (6) years and in certain circumstances even longer.
8.2 Your documents and records must be kept at your place of business unless you have been given permission to maintain them elsewhere.
8.3 During the course of our work we may collect information from you and others relevant to your affairs. We will return any relevant documents to you if requested.
8.4 When we cease to act for you we will seek to agree the position on access to cloud-accounting records to ensure continuity of service. This may require you to enter direct engagements with the software providers and pay for that service separately.
8.5 While certain documents may legally belong to you, we may destroy correspondence and other papers that we store, electronically or otherwise, which are more than seven years old. This includes your documents if they have not been reclaimed by you within the seven-year period. You must tell us if you require the return of any specific document or their retention for a longer period.
8.6 We may choose to hold these documents where possible in an electronic format. In this event we will ensure these documents are readily accessible should they be requested by yourself or an authorised individual.
8.7 You should retain documents that are sent to you by us as set out in the privacy notice, which should be read alongside these terms and conditions.

9. Notification

9.1 We shall not be treated as having notice, for the purposes of our responsibilities, of information provided to members of our firm other than those engaged on the specific assignment.

10. Commissions or other benefits

10.1 In some circumstances we may receive commissions and/or other benefits for introductions to other professionals or in respect of transactions which we arrange for you. Where this happens, we will notify you in writing of the amount and terms of payment and receipt of any such commissions or benefits. The same will apply where the payment is made to or transactions are arranged by a person or business connected with ours. The fees you would otherwise pay will not be reduced by the amount of the commissions or benefits. When we reduce the fees that we would otherwise charge by the amount of commission retained, we will apply the concession which allows VAT to be calculated on the net fee after deduction of the commission.

11. Client monies

11.1 We may, from time to time, hold money on your behalf. Such money will be held in trust in a client bank account, which is segregated from the firm's funds. The account will be operated, and all funds dealt with, in accordance with the Clients' Monies Rules of the Association of Chartered Certified Accountants. These rules can be found on the ACCA website at www.accaglobal.com
11.2 We will return monies held on your behalf promptly as soon as there is no longer any reason to retain those funds. If any funds remain in our client account that are unclaimed and the client to which they relate has remained untraced for five (5) years or we as a firm cease to practise then we may pay those monies to a registered charity.
11.3 Fees paid by you in advance for professional work to be performed and clearly identifiable as such shall not be regarded as clients' monies.

12. Lien

12.1 In so far as permitted to do so by law or professional guidelines, we reserve the right to exercise a lien over all funds, documents and records in our possession relating to all engagements for you until all outstanding fees and disbursements are paid in full.

13. Investment services

13.1 Investment business is regulated under the Investment Services Law No. 144(I) of 2007.
13.2 If during the provision of professional services to you, you need advice on investments, we may have to refer you to someone who is authorised by the Cyprus Security and Exchange Commission (CySEC).
13.3 However, as we are licensed by the Institute of Certified Public Accountants of Cyprus (ICPAC), we may be able to provide certain investment services that are complementary to, or arise out of, the professional services we are providing to you. Such services may include tax advice and planning, due diligence and transaction reporting and accounting.

14. Money laundering regulations 2007

14.1 In accordance with the proceeds of Prevention and Suppression of Money Laundering Activities Law No. 188(I) of 2007 you agree to waive your right to confidentiality to the extent of any report made, document provided or information disclosed to the Unit for Combating Money Laundering (MOKAS).
14.2 You also acknowledge that we are required to report directly to MOKAS without prior reference to you or your representatives if during the course of undertaking any assignment the person undertaking the role of Money Laundering Reporting Officer becomes suspicious of money laundering.
14.3 As with other professional services firms, we are required to have appropriate risk-based policies and procedures for assessing and managing money laundering risks: this applies at the start of any business relationship and through the lifetime of the relationship. This includes undertaking appropriate customer due diligence. We may request from you, and retain, such information and documentation as we require for these purposes and/or make searches of appropriate databases. If we are not able to obtain satisfactory evidence of your identity, we will not be able to proceed with the engagement.
14.4 Copies of such records created as part of the client due diligence process, including any non-engagement documents relating to the client relationship and ongoing monitoring of it, will be retained by us for a period of five (5) years after we cease to act for the business unless we are required to retain them under statutory obligation, or to retain them for legal proceedings, or you consented to the retention in which case the records will be retained for not more than ten (10) years.

15. Professional rules and obligations

15.1 We will observe and act in accordance with the by-laws, regulations and ethical guidelines of the Association of Chartered Certified Accountants (ACCA) and will accept instructions to act for you on this basis.
15.2 You are responsible for bringing to our attention any errors, omissions or inaccuracies in your returns that you become aware of after the returns have been submitted in order that we may assist you to make a voluntary disclosure. In particular, you give us the authority to correct errors made by Tax Department where we become aware of them.
15.3 In addition, we will not undertake tax planning which breaches professional conduct in relation to taxation. We will therefore comply with the general anti-abuse rule and the targeted anti-avoidance rule. We will not be liable for any loss, damage or cost arising from our compliance with statutory or regulatory obligations. You can see copies of these requirements at our offices. The requirements are also available online at www.accaglobal.com
15.4 The implications of professional body membership as it relates to GDPR are set out in the privacy notice, which should be read alongside these standard terms and conditions of business.

16. Professional indemnity insurance

16.1 In accordance with our professional body rules we are required to hold professional indemnity insurance. Details about the insurer and coverage can be found at www.qnta.biz or at our offices.

17. Quality of service

17.1 We aim to provide a high quality of service at all times. If you would like to discuss with us how our service could be improved or if you are dissatisfied with the service that you are receiving please let us know by contacting Mrs. Veronica Goncharenko at This email address is being protected from spambots. You need JavaScript enabled to view it.
17.2 We undertake to look into any complaint carefully and promptly and to do all we can to explain the position to you. If we do not answer your complaint to your satisfaction you may take up the matter with the Institute of Certified Public Accountants of Cyprus (ICPAC). This should be done promptly and in any event no later than six (6) months after exhausting our procedures.

18. Reliance on advice

18.1 We will endeavour to record all advice on important matters in writing. Advice given orally is not intended to be relied upon unless confirmed in writing. Therefore, if we provide oral advice (for example, during the course of a meeting or a telephone conversation) and you wish to be able to rely on that advice, you must ask for the advice to be confirmed by us in writing. However, bear in mind that advice is only valid at the date it is given.

19. Interpretation

19.1 If any provision of this engagement letter, schedules of services or standard terms and conditions is held to be void, then that provision will be deemed not to form part of this contract and the remainder of this agreement shall be interpreted as if such provision had never been inserted.
19.2 In the event of any conflict between these terms of business and the engagement letter or appendices, the relevant provision in the engagement letter or schedules will take precedence.

20. Implementation

20.1 We will only assist with implementation of our advice if specifically instructed and agreed in writing.

21. Intellectual property rights

21.1 We will retain all copyright in any document prepared by us during the course of carrying out the engagement save where the law specifically provides otherwise.

22. Limitation of liability

22.1 We will provide our services with reasonable care and skill. Our liability to you is limited to losses, damages, costs and expenses directly caused by our negligence or wilful default.
22.2 Exclusion of liability for loss caused by others
- We will not be liable if such losses, penalties, interest or additional tax liabilities are caused by the acts or omissions of any other person or due to the provision to us of incomplete, misleading or false information, or if they are caused by a failure to act on our advice or a failure to provide us with relevant information.
- In particular, where we refer you to another firm whom you engage with directly, we accept no responsibility in relation to their work and will not be liable for any loss caused by them.
22.3 Exclusion of liability in relation to circumstances beyond our control
- We will not be liable to you for any delay or failure to perform our obligations under this engagement letter if the delay or failure is caused by circumstances outside our reasonable control.
22.4 Exclusion of liability relating to non-disclosure or misrepresentation
- We will not be responsible or liable for any loss, damage or expense incurred or sustained if information material to the service we are providing is withheld or concealed from us or misrepresented to us.
- This exclusion shall not apply where such misrepresentation, withholding or concealment is or should (in carrying out the procedures that we have agreed to perform with reasonable care and skill) have been evident to us without further enquiry beyond that which it would have been reasonable for us to have carried out in the circumstances.
22.5 Indemnity for unauthorised disclosure
- You agree to indemnify us and our agents in respect of any claim (including any claim for negligence) arising out of any unauthorised disclosure by you or by any person for whom you are responsible of our advice and opinions, whether in writing or otherwise. This indemnity will extend to the cost of defending any such claim, including payment at our usual rates for the time that we spend in defending it.
22.6 Limitation of aggregate liability
- Where the engagement letter specifies an aggregate limit of liability, then that sum shall be the maximum aggregate liability of this firm, its partners, directors and employees, to all persons to whom the engagement letter is addressed and also any other person that we have agreed with you may rely on our work. By signing the engagement letter, you agree that you have given proper consideration to this limit and accept that it is reasonable in all the circumstances. If you do not wish to accept it you should contact us to discuss it before signing the engagement letter.
- You have agreed that you will not bring any claim of a kind that is included within the subject of the limit against any of our partners, directors or employees; on a personal basis.

23. Limitation of third party rights

23.1 The advice and information we provide to you as part of our service is for your sole use and not for any third party to whom you may communicate it unless we have expressly agreed in the engagement letter that a specified third party may rely on our work. We accept no responsibility to third parties, including any group company to whom the engagement letter is not addressed, for any advice, information or material produced as part of our work for you which you make available to them. It may not be used or relied upon for any other purpose or by any other person other than you without our prior written consent.
23.2 If our advice is disclosed to any third party (with or without our consent), then we accept no responsibility or liability to that third party for any consequences that may arise to them, should they rely on the advice.
23.3 If it is proposed that any documents or statement which refer to our name are to be circulated to third parties, please consult us before they are issued.

24. Conflicts of interest

24.1 If there is a conflict of interest in our relationship with you or in our relationship with you and another client that is capable of being addressed successfully by the adoption of suitable safeguards to protect your interests, then we will adopt those safeguards.
24.2 Where conflicts are identified that cannot be managed in a way that protects your interests then we regret that we will be unable to provide further services. If this arises, we will inform you promptly. We reserve the right to act for other clients whose interests are not the same as or are adverse to yours, subject, of course, to the obligations of confidentiality referred to above.

25. Internal disputes

25.1 If we become aware of a dispute between the parties who own or are in some way involved in the ownership and management of the business, it should be noted that our client is the business and we would not provide information or services to one party without the express knowledge and permission of all parties. Unless otherwise agreed by all parties we will continue to supply information to the individual designated in the engagement letter. If conflicting advice, information or instructions are received from different representatives of the business we will refer the matter back to the board of directors and take no further action until the board of directors has agreed the action to be taken.

26. Timetable

26.1 The services we undertake to perform for you will be carried out on a timescale to be determined between us on an ongoing basis.
26.2 The timing of our work will in any event be dependent on the prompt supply of all information and documentation as and when required by us.

27. Disengagement

27.1 Should we resign or be requested to resign we will normally issue a disengagement letter to ensure that our respective responsibilities are clear.
27.2 Should we have no contact with you for a period of two (2) years or more, we may issue to your last known address a disengagement letter and thereafter cease to act.
27.3 We reserve the right following termination for any reason to destroy any of your documents that we have not been able to return to you after a period of six months unless other laws or regulations require otherwise.

28. Period of engagement / termination

28.1 Unless otherwise agreed in the engagement covering letter our work will begin when we receive your implicit or explicit acceptance of that letter. Except as stated in that letter we will not be responsible for periods before that date.
28.2 Each of us may terminate this agreement by giving not less than twenty-one (21) days’ notice in writing to the other party except where you fail to cooperate with us or we have reason to believe that you have provided us or the Tax Department with misleading information, in which case we may terminate this agreement immediately. Termination will be without prejudice to any rights that may have accrued to either of us prior to termination.
28.3 In the event of termination of this contract, we will endeavour to agree with you the arrangements for the completion of work in progress at that time, unless we are required for legal or regulatory reasons to cease work immediately. In that event, we shall not be required to carry out further work and shall not be responsible or liable for any consequences arising from termination.
28.4 If you engage us for a one-off piece of work (for example advice on a one-off transaction or preparation of a tax return for one year only) the engagement ceases as soon as that work is completed. The date of completion of the work is taken to be the termination date and we owe you no duties and we will not undertake further work beyond that date.
28.5 Where recurring work is provided (for example ongoing compliance work such as the completion of annual tax returns) the engagement ceases on the relevant date in relation to the termination as set out above. Unless immediate termination applies, in practice this means that the relevant termination date is:
- 21 days after the date of notice of termination; or
- a later agreed date
28.6 We owe you no duties beyond the date of termination and will not undertake any further work.

29. Applicable law

29.1 The engagement letters, the schedule of services and our standard terms and conditions of business are governed by, and should be construed in accordance with, the law and practice of Cyprus.
29.2 Each party agrees that the Courts of Cyprus will have exclusive jurisdiction in relation to any claim, dispute or difference concerning this engagement letter and any matter arising from it.
29.3 Each party irrevocably waives any right to object to any action being brought in those Courts, to claim that the action has been brought in an inappropriate forum, or to claim that those courts do not have jurisdiction.

Last revised June 2018
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