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12° Nicosia,
02 December, 2022
 

EY Cyprus presents the Transparency Report 2022

  • EY Cyprus reports record growth, with 22.5% total revenues growth
  • The organization remains committed to investing in quality, talent and technology

ΕΥ Cyprus has released its Transparency Report 2022, which provides an update on the firm’s efforts to execute high-quality audits, identify and mitigate risks and enhance trust in business and the capital markets, in support of sustainable, long-term value creation. The Report complies with the European Union’s Regulation 537/2014 and Cypriot laws, and covers the financial year ended 30 June 2022 as well as any more recent relevant events.

In a period of extraordinary global challenges and uncertainty, total revenues related to EY entities in Cyprus increased by 22.5% compared to the previous year, reaching €39.7m. This is a record performance for the EY Cyprus firm. Revenues of statutory audits and directly related services for EU PIEs grew by 45%, other audit services and directly related services for non-EU PIEs and non-PIEs by 10.2%, non-audit services provided to companies EY audits by 34.5% and non-audit services provided to other entities by 27.8%.

 

   

Revenue in Euro million

2022

Percent

%

Statutory audits and directly related services for EU PIEs

2.9

7.5%

Other audit services and directly related services for non-EU PIEs and non-PIEs

13,0

33.9%

Non-audit services provided to companies we audit

7.8

20.3%

Non-audit services provided to other entities

14.7

38.3%

Total revenues related to Ernst & Young Cyprus Limited and EY Cyprus Advisory Services Limited

38.4

100%

Non-audit services provided by other EY entities in Cyprus (Prountzos & Prountzos LLC- EY Law)

1.3

 

Total revenue of all entities in Cyprus

39.7

 


* Revenues reported for Cyprus comprise those of Ernst & Young Cyprus Limited and EY Cyprus Advisory Services Limited as well as those of Prountzos & Prountzos LLC, a member firm of Ernst & Young Global Limited and part of EY Law”

EY’s high-quality professional services, which have driven this spectacular growth in recent years, are based on its persistent commitment to investing in talent. At a time of worldwide human capital shortages, EY is continuously seeking to attract and recruit the best talent, taking into account not just technical excellence, but also high ethical standards, strong business acumen, leadership potential and the ability to collaborate in high-performing teams. Moreover, to retain talent, EY strives to meet employee expectations by offering meaningful career progression and opportunities as well as work-life balance. In this context, a focus on wellbeing and improving the day-today experience of EY people is now a key priority, reflected in the recently launched EY Global Wellbeing Strategy. 

We are now in a period of reinvention, during which the pandemic, the economic and political crises, the new sustainability and energy imperatives and changing business models are compelling businesses to strategically transform, and EY is supporting clients to innovate at scale and deliver tech at speed. Technology is at the center of any transformation, and EY has been investing in a new consulting team that aims to bring digital transformation and growth to our clients. 

EY provides a real integrated and global scale service to its clients through its relentless focus on the customer, increasing flexibility by nurturing ecosystems and partnerships, modernizing IT for efficiency, resilience and agility, utilizing analytics and accelerating AI to drive growth, nurturing talent with new incentives and strategies and managing risk and maintaining trust amongst stakeholders.

Commenting on the Transparency Report, Ronald A. Attard, Country Managing Partner, EY Cyprus, said: “EY is proud of its legacy as a leading global professional services organization. The world is changing, and we have to adapt and achieve our full potential, if we wish to thrive while we address the needs of all of our stakeholders. We look forward to engaging with EY clients, people, partners and stakeholders to share our bold vision for the future based on our purpose of building a better working world. We remain focused on enhancing the quality of our services by continuously investing in technology and talent.”

Andreas Avraamides, Partner, Head of Assurance Services, EY Cyprus, said: “This report confirms our commitment to Sustainable Audit Quality. This includes how we instill professional values, the quality of audits and internal quality control we perform, as well as our independence practices and how we are creating long-term value for our people and society. EY Cyprus’ reputation is based on and grounded in providing high-quality professional audit services, objectively and ethically, to every company we audit. Our focus on delivering high-quality audits has remained paramount during this unprecedented period of disruption, which has required us to challenge approaches to audit execution with our purpose of Building a better working world always as our guide.”

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