Institute of Certified Public Accountants of Cyprus
Member | Established: 1961 | Member since 1977
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 accountancy professionals. Practicing professionals are accountants and auditors in public practice who possess a practicing certificate and provide accounting, audit, tax, consulting, company administration services, insolvency and other services. Non-practicing accountancy professionals work in the public and private sectors and are not required. In accordance to the Law, all statutory auditors and audit firms must be registered with a Recognised Body of Auditors (RBA). As of the date of the assessment, ICPAC is the only RBA in Cyprus.
ICPAC, as an RBA, was delegated the following duties: (i) application of technical standards and of other standards on professional ethics and internal quality control of registered auditors and statutory audit work, including provision for securing compliance with those standards; (ii) establishing and maintaining the public register of auditors and audit firms; (iii) registration of individuals or firms satisfying the criteria of the Auditors Law of 2017; (iv) implementing procedures for maintaining the competence of registered auditors; (v) monitoring of registered auditors and audit work; and (vi) implementing an investigative and disciplinary (I&D) system for accountants, accounting firms, and students whereas the CyPAOA is responsible for the implementation of an I&D system for all statutory auditors and audit firms.
In addition to being a member of IFAC, ICPAC is a member of Accountancy Europe and the Mediterranean Federation of Accountants.
Statements of Membership Obligation (SMO)
The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.
Methodology
Last
updated: 09/2022
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Status of Fulfillment by SMO
Disclaimer
IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.
Contact
PO Box 24935,
CY-1355, Nicosia
Cyprus
Tel: +357 22870030
Fax: +357 22766360
info@icpac.org.cy
http://www.icpac.org.cy