12° Nicosia,
21 July, 2024

Deloitte continues to foster trust through transparency

  • Deloitte issues its annual Transparency Report
  • The firm continues to make an impact that matters on the Cyprus market and society

Deloitte Cyprus issued its 12th Audit Transparency Report for the year ending 31 May 2023. The report provides an in-depth analysis on how the firm embraces its responsibilities to its clients, people, society, and the market, with the highest quality standards. Embracing the principles of maintaining transparency, Deloitte sets out its approach to ensuring audit quality, robust governance, and ethics, sharing its vision and passion for professional excellence.  

''Transparency is embedded in our organisational culture and is reflected in every interaction we have with our clients, our regulators, and the society in general. We recognise that transparency fosters trust, and trust is the lifeline of our profession that creates the solid foundation upon which businesses can flourish and economies can thrive'', said Maria Paschalis, Partner, Audit & Assurance Leader, and Andreas Andreou, Partner and National Professional Practice Director of Deloitte Cyprus.

Delivering impact and empowering the economic and societal development of Cyprus

FY2023 was yet another year of geopolitical and economic uncertainties for markets and the society at large. All the global commotions have unavoidably affected Cyprus as well, and continue to do so, disrupting the return to stability for the economy, businesses and society. 

Through flexibility and adaptability, Deloitte Cyprus has remained resilient and continues to serve clients with the highest level of quality, professionalism, and innovation, recording €51.1m gross revenues in FY2023.

Pieris Markou, Deloitte Cyprus CEO, explained: “We started FY2023 with an expected reduction in gross revenues of more than 10% mainly due to our decision to disengage from all clients with significant presence in Russia or significant Russian ownerships. Our ability to lead with purpose, be agile and ready to adapt and respond quickly to changes, allowed us to close the year with just -2.3% impact on our gross revenue vs. FY2022.  Our ability to minimise the impact of the negative developments that we had to face during this difficult financial year, is a testament to our people who have shown exceptional agility in responding to these ongoing challenges and finding innovating solutions, coming together with a shared ambition to protect the public interest, support each other and make an impact that matters in everything we do”. The firm contributed a total of €16.5m to the state’s revenues (up from €16.1m in FY2022).

With people at the heart of its operations, Deloitte Cyprus continued to invest in providing learning and career opportunities, focusing on creating an inclusive environment with respect for uniqueness and diversity, as well as equal opportunities to grow, develop, and succeed.

Through the firm’s WorldImpact initiatives, the focus is on leaving a positive footprint on society’s biggest challenges and creating a more sustainable and equitable world, whilst staying true to its purpose ''to make an impact that matters''.

Deloitte Cyprus also continued to actively support the work of several local NGOs, and educational foundations and institutions. Through pro bono services, support to start-ups through the ARIS accelerator, as well as financial and in-kind donations, Deloitte offered approximately €700,000 in corporate responsibility initiatives and actions. Around 300 people from Deloitte contributed with close to 4,500 hours of traditional and skills-building volunteer work, on educational, environmental, inclusivity and health matters amongst other. 

Deloitte has a deep sense of responsibility to continue to lead by example in the professional services sector recognising its role in the advancement of society overall. ''A special thank you to our people who work together to develop and scale solutions for addressing climate change, advancing equity, and returning to economic growth, among other issues. We are also very proud of our latest collaboration with the Cyprus Olympic Committee as the Professional Services Partner. Through this partnership we aim to amplify the power of sports for positive impact. Looking ahead, we are confident about the change we can make overall to create better futures for our fellow citizens and our country'', said Markou in closing.

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