Deloitte Cyprus has issued its 13th Transparency Report, covering the period from June 1, 2023 to May 31, 2024.
This report presents the firm’s reflections on the 2024 financial year, offering valuable insights and a comprehensive analysis of how it upholds its responsibilities to clients, the market, its people, and society, always adhering to the highest quality standards.
Notably, it serves as a vital component of the firm’s stakeholder communication, further emphasising its unwavering commitment to its values and their translation into daily action.
Andreas Andreou, Partner and Audit & Assurance Leader, alongside Kerry Whyte, Partner and Audit & Assurance Quality Leader at Deloitte Cyprus, said that “In the dynamic world of global finance, trust and transparency are the cornerstone of successful relationships and sound decision making.”
They added, “At Deloitte Cyprus, we believe that transparency is not just a practice but a core value that defines our identity and mission.”
Furthermore, they stressed, “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.”
Despite facing formidable challenges that have significantly defined this decade, ranging from geopolitical and economic uncertainties for markets and society at large, Deloitte navigated successfully through another year of change and uncertainty.
In particular, the firm remained resilient through flexibility and adaptability, continuing to serve clients with the highest level of quality, professionalism, and innovation.
As a result, Deloitte’s network of firms operating in Cyprus achieved record gross revenues of €55.9m, up by 9.4 per cent compared to the previous year, contributing €15.9m to state revenues for the year ending May 31, 2024.
As Pieris Markou, CEO of Deloitte Cyprus, mentions in his opening remarks, “This performance is a testament to the exceptional dedication and achievement of our people during this time.”
He continued, “It demonstrates their unwavering commitment to excellence, as they advance their careers and flourish in an environment that promotes equity, fairness, and inclusivity.”
Finally, he expressed his gratitude, saying, “Kudos to all our exceptional people achieving, yet again, record revenues during another challenging year.”
Moreover, Deloitte’s commitment extends beyond financial performance, as the firm leads with purpose and continues to make an impact across society.
Through its WorldImpact programme, Deloitte addresses society’s most pressing challenges while promoting a sustainable future and an equitable world.
To support local NGOs, organisations, foundations, and educational institutions, Deloitte invested close to €500,000 in FY2024 in initiatives and activities aligned with its key impact pillars: education, environment, diversity, equity, and inclusion, among other critical societal issues.
These achievements were made possible through the pro bono services, support to start-ups via the ARIS accelerator, as well as financial and in-kind donations.
Furthermore, over 300 Deloitte employees contributed around 3,000 hours of traditional and skills-building volunteer work.
On a global scale, Deloitte’s growth trajectory continues to thrive. The firm enhances audit quality, transforms insights into action and value creation, fosters innovation, and focuses on GenAI and digital transformation to create innovative solutions, all while promoting sustainable growth.
Deloitte reported aggregate global revenues of US$67.2 billion for the fiscal year ending May 31, 2024, marking a 3.6 per cent increase from FY2023, while its global workforce expanded to approximately 460,000.
Deloitte holds a deep sense of responsibility to lead by example in the professional services sector and recognises its critical role in society’s advancement.
The future of Cyprus, however, 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.
This combined effort will further develop the economy. “At Deloitte, our commitment lies in steadfastly supporting these endeavours,” Markou noted.
He continued, “We are collaborating closely with regulators and other pivotal stakeholders to pave the way for Cyprus’s prosperity.”
Additionally, he mentioned, “We firmly believe in the potential synergies derived from the close collaboration between public administration, the private sector, and civil society.”
Finally, Markou concluded, “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.”
