Deloitte Cyprus issues annual Transparency Report

Deloitte Cyprus issued its 13th Transparency Report covering the period from 1 June 2023 to 31 May 2024, presenting the firm’s reflections on the 2024 financial year.

It said in a press release that the report offers "valuable insights and a comprehensive analysis of how it upholds its responsibilities to clients, the market, its people, and society with the highest quality standards".

It serves as a vital component of the firm’s stakeholder communication, it added, highlighting its unwavering commitment to its values and their translation into daily action.

Andreas Andreou, Partner and Audit & Assurance Leader, and Kerry Whyte, Partner and Audit & Assurance Quality Leader, of Deloitte Cyprus, stated: “In the dynamic world of global finance, trust and transparency are the cornerstone of successful relationships and sound decision making. At Deloitte Cyprus, we believe that transparency is not just a practice but a core value that defines our identity and mission. Our role as auditors is crucial in ensuring the reliability and integrity of financial information, which in turn supports the confidence and trust that stakeholders place in the global capital markets.”

Successfully navigating through another year of change and uncertainty

Deloitte navigated successfully through another year of formidable challenges that have significantly defined this decade ranging from geopolitical and economic uncertainties for markets and the society at large, continuing to deliver impactfully and empowering the economic and societal development of Cyprus. Through flexibility and adaptability, the firm remained resilient and continued to serve clients with the highest level of quality, professionalism, and innovation. In the year ending 31 May 2024, the Deloitte network of firms operating in Cyprus achieved record gross revenues of €55.9m, up by 9.4% compared to the previous year, contributing €15.9m to our state’s revenues.

As Pieris Markou, CEO of Deloitte Cyprus, mentioned in his opening remarks: “This performance is a testament to the exceptional dedication and achievement of our people during this time, demonstrating their unwavering commitment to excellence, as they advance their careers and flourish in an environment that promotes equity, fairness, and inclusivity. Kudos to all our exceptional people achieving, yet again, record revenues during another challenging year.”

Leading with purpose, making an impact that matters across society

Deloitte's WorldImpact programme is dedicated to addressing society's most pressing challenges while promoting a sustainable future and equitable world. In line with its commitment to actively support local NGOs, organisations, foundations, and educational institutions, Deloitte invested close to €500,000 in FY2024 in initiatives and activities that align with its key impact pillars: education, environment, diversity, equity and inclusion as well as other critical societal issues. All these were achieved through pro bono services, support to start-ups through the ARIS accelerator, as well as financial and in-kind donations, whilst over 300 Deloitte people contributed around 3,000 hours of traditional and skills-building volunteer work.

Deloitte’s successful growth trajectory at a global level

Deloitte is driving global growth by enhancing audit quality, transforming insights into action and value creation, fostering innovation, and focusing on GenAI and digital transformation for creating innovative solutions, while promoting sustainable growth. Deloitte reported aggregate global revenues of US$67.2 billion for the fiscal year ending 31 May 2024 (3.6% increase from FY2023). During the same period its workforce expanded to approximately 460,000 globally.

Deloitte has a deep sense of responsibility to continue to lead by example in the professional services sector and recognises its role in the advancement of society overall. The future of Cyprus does not depend solely on external factors and their impact; it also relies on the public and private sectors’ efforts to modernise, reform and create new prospects in both traditional and new sectors, which when combined will develop the economy further. “At Deloitte, our commitment lies in steadfastly supporting these endeavours, collaborating closely with regulators and other pivotal stakeholders to pave the way for Cyprus’s prosperity. We firmly believe in the potential synergies derived from the close collaboration between public administration, the private sector, and civil society. We are excited by the opportunities that lie ahead for our profession and are committed to leveraging the power of transformation to enhance the quality of our services”, continues Markou.

To read Deloitte Cyprus’ Transparency Report, please visit: https://www.deloitte.com/cy/en/transparency-report-2024.html