Deloitte Cyprus has published its 12th annual Transparency Report for the fiscal year ending on May 31, 2023. The report underscores the firm's commitment to uphold the highest quality standards, detailing its approach towards ensuring audit quality, governance, and ethics, in alignment with the company’s vision of professional excellence.

"Transparency is integral to our organizational culture and is reflected in every interaction with our clients, regulators, and society at large. Undoubtedly, transparency bolsters trust, which is vital for our profession and lays the foundation for businesses to flourish and economies to thrive," stated Maria Paschali, Head of Audit Services, and Andreas Andreou, National Professional Practice Director of Deloitte Cyprus.

"The fiscal year 2023 was marked by global geopolitical and economic turbulence. These global disruptions inevitably influenced and continue to impact the road to stability for Cyprus’ economy, businesses, and society. Despite the challenges, Deloitte Cyprus's agility in responding to these continuous global and local developments enabled it to serve its clients with top-tier quality, professionalism, and innovation, registering a gross revenue of €51.1 million for the fiscal year 2023," the report states. 

Pieris Markou, CEO of Deloitte Cyprus, elaborated, "We began the fiscal year 2023 anticipating over a 10% decline in our gross revenue, primarily due to our decision to disengage from client relationships with significant presence or interests in Russia. Our ability to lead with a clear vision, remain flexible, and quickly adapt to changes enabled us to end the year with only a 2.3% dip in our gross revenue compared to fiscal year 2022. We managed to mitigate the impact of the negative developments faced during this challenging fiscal year, primarily due to our dedicated workforce. Our professionals consistently demonstrate exceptional adaptability in addressing challenges, offering innovative solutions while staying true to our vision of safeguarding the public interest, mutual support, and making a positive impact in all our actions." Deloitte Cyprus contributed €16.5 million to the state’s revenue, up from €16.1 million the previous fiscal year.