Foreign that management wants to include interim profits in its own funds calculations despite audited losses then its interim results should be audited by an independent licensed audit and Assurance firm and be approved by PSI SEC before they are used given the tight deadlines of correct reporting the above approach is Not Practical and is it rarely used the references from PSI SEC circulars c305 and European banking Authority other reserves calculations other reserves as per the statement of should be reserves available to the CIF if such reserves are refundable or payable back to the persons who contributed them they should be deducted from the calculations of owned funds commonly other reserves may include non-fundable contributions from shareholders or other connected parties non-refundable as the word suggests means that these contributions have been given to the CIF and they belong to the CIF without any constraint these reserves should not be deducted from the calculations of owned funds this reference is from article 26 1 of the crr investors compensation fund ICF contribution should always be excluded from the own funds calculation common Equity Tier 1 capital reference is circular c162 the new deduction from the own funds calculation of three percent serving as an additional cash buffer of the investors compensation fund as small as it may be should be deducted from the own funds calculation and should agree with the funds deposited in a separate bank account this cash buffer should be used in case there is need for an extraordinary contribution and should not be used for any other purpose in other words the CIF should be able to show this buffer in its bank account at all times reference is circular 334.
Originally Published 14 April 2023
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CYAUSE Audit Services has extensive experience in the insurance industry has helped tens of insurance brokers and agents register and get licensed by the local Cyprus regulator granting them passporting access to the rest of the European Union.
CYAUSE Audit Services is an Audit & Assurance firm with offices in Cyprus and the UAE. During 2015 we have been awarded by I.C.P.A.C and the A.C.C.A (local and international association of Chartered Certified Accountants) for the Quality of our Audit Services and our Office's Procedures.
Being a Truly International Audit & Assurance firm, we have associates from all over the world and we are constantly looking for new associates to expand our network further. At present, CYAUSE Audit Services operates internationally through its membership with BKR International amongst the largest American associations in the world, Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience. Our network covers almost 40 jurisdictions with over 2,000 professionals, it supports more than 10,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and processes at least 170,000 payslips globally.
CYAUSE Audit Services Ltd is also a member of BKR International one of the biggest US Accounting Associations of the word and the 3E Accounting Network, an international accounting network which originates from Hong Kong and has more than 80 members from all over the world.
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