€60,000 Fine Imposed on Audit Firm by ADEElep

The Public Audit Oversight Authority (ADEElep) imposed a €60,000 fine on an audit firm in 2025, as announced to the Parliamentary Committee on Financial Affairs. The Director-General of the Authority, Panos Prodromitis, stated that several complaints are under investigation.

Mr. Prodromitis noted that ADEElep signed a memorandum of understanding with its US counterpart, which allows Cypriot companies to raise capital from America. Also, an amendment to the Auditors Law is under consultation for a faster disciplinary procedure.

The Authority's budget for 2026 is balanced, with revenues and expenses of €1.9 million. Funding comes from the Republic of Cyprus and the recognized Audit Bodies.

Committee Chairman Chrysēs Pantelidēs and MP Savia Orphanidou praised the work of ADEElep.