| ICPAC | |
|---|---|
| Membership | Mandatory |
| No. of members | 4,089 |
| Institute staff | 15 |
| Date of establishment | 1961 |
| Local branches | 1 |
| Subject to public oversight | Yes |
| Public oversight authority | Cyprus Public Audit Oversight Board (CyPAOB) |
| Involvement in Qualification and Market Access | ICPAC |
|---|---|
| Initial education | Yes |
| Examination | Yes (ACCA/ICPAC Joint Examination Scheme) |
| Approval and registration | Yes |
| Continued Professional Development | Yes |
| Activities ICPAC | ICPAC |
|---|---|
| Standard setting | No (CyPAOB) |
| Quality assurance | Yes (only audits of non-PIEs, CyPAOB for audits of PIEs) |
| Disciplinary measures | Yes (only for measures other than audit, CyPAOB for audits of non-PIEs and PIEs) |
| Professions | Certified Public Accountant |
|---|---|
| Professional body | ICPAC |
| Protected title | Yes |
| Reserved activities | Statutory audit (audit is mandatory for all entities under the Companies Law and Income Tax Laws) |
| Included authorisations | Accountant’s reports in respect of public offerings of shares, services required by law to be provided by an accountant or auditor, due diligence work, review work, fiduciary services and company administration services |
| Certified Public Accountant | |
|---|---|
| Regulated profession | Yes |
| Supervision | Yes |
| Public oversight authority | Cyprus Public Audit Oversight Board (CyPAOB) |
| Certified Public Accountant | |
|---|---|
| General initial education steps (without possible exemptions) | • ACCA/ICPAC Joint Examination Scheme, or member of one of the recognised EU professional accounting bodies or certain equivalent third country professional accounting bodies • 3 years practical training |
| Certified Public Accountant | |
|---|---|
| No. of qualified professionals | 4,809 (including 1,236 practicing professionals) |
| No. of new trainees per year | 370 |
| No. of people taking the professional examination | 1,754 |
| No. of people passing the professional examination | 963 |
| Certified Public Accountant | |
|---|---|
| Registration required | Yes |
| Competent authority for registration | ICPAC |
| Cost of appointment/registration | €250 |
| Oath required | No |
| Insurance required | Yes, for practising members |
| Professional address required | Yes, for practising members (professional domicile in Cyprus |