Cyprus
Methodology
Last updated: 07/2017
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Member Organizations
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Legal and Regulatory Environment
As a member of the European Union (EU), Cyprus is subject to the accounting, auditing and financial reporting requirements established in EU Regulations and Directives as transposed into national laws and regulations...
In Cyprus, auditors are formally regulated at the State level. The Auditors and Statutory Audits of Annual Consolidated Accounts Law (L.53(I)/2017) regulates the auditing profession and the public oversight of the audit...
The Cyprus Public Audit Oversight Authority (CyPAOA) was established in accordance with the Auditors and Statutory Audits of Annual Consolidated Accounts Law (L.53 (I) 2017as the supreme public oversight authority to...
The Institute of Certified Public Accountants (ICPAC)The ICPAC was established in 1961 in accordance with the provisions of the Companies Law, Cap. 113. ICPAC membership is comprised of practicing and non-practicing...
The Auditors and Statutory Audits of Annual Consolidated Accounts Law of 2017 resulted in the sharing of responsibilities between the Cyprus Public Audit Oversight Authority (CyPAOA) and the Institute of Certified Public...
Adoption of International Standards
The Cyprus Public Audit Oversight Authority (CyPAOA) is responsible for the quality assurance (QA) review system for the audits of financial statements in accordance with the Auditors and Statutory Audits of Annual...
In Cyprus, the Law regulates the initial and continuing professional development (IPD and CPD respectively) requirements for auditors. The Auditors and Statutory Audits of Annual Consolidated Accounts Law (L.53 (I) 2017)...
Under the Auditors and Statutory Audits of Annual Consolidated Accounts Law (L.53 (I) 2017) all audits in Cyprus must be conducted in accordance with ISA adopted by the European Commission (EC). Until the EC adopts an...
The Auditors and Statutory Audits of Annual Consolidated Accounts Law (L.53 (I) 2017) mandates all statutory auditors and audit firms to be subject to principles of professional ethics. Furthermore, according to the Law...
The Fiscal Responsibility and Financial Framework Law of 2014 states that the Accountant General determines the accounting standards to be used for the public sector. The Institute of Certified Public Accountants of...
The Auditors and Statutory Audits of Annual Consolidated Accounts Law (L.53 (I) 2017) grants authority to the Council of Ministers, with advice from the Cyprus Public Audit Oversight Authority (CyPAOA), to issue...
The Companies Law (article 142) requires all entities to prepare financial statements in accordance with EU-endorsed IFRS. Greek translations of the standards are available through the EU legislative process...
Relevant OrganizationsCyprus Public Audit Oversight Board (CyPAOB)Institute of Certified Public Accountants of Cyprus (ICPAC)Relevant LegislationCompanies Law (with amendments)Law Regulating Companies Providing...
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