• Capital: Nicosia
  • Population: approx. 1,170,000
  • Language: Greek, Turkish
  • Part of the EU since: 2004

Member bodies

Professional bodies

No. of members4,089
Institute staff15
Date of establishment1961
Local branches1
Subject to public oversightYes
Public oversight authorityCyprus Public Audit Oversight Board (CyPAOB)
Involvement in Qualification
and Market Access
Initial educationYes
ExaminationYes (ACCA/ICPAC Joint Examination Scheme)
Approval and registrationYes
Continued Professional DevelopmentYes
Standard settingNo (CyPAOB)
Quality assuranceYes (only audits of non-PIEs, CyPAOB for audits of PIEs)
Disciplinary measuresYes (only for measures other than audit, CyPAOB for audits of non-PIEs and PIEs)


ProfessionsCertified Public Accountant
Professional bodyICPAC
Protected titleYes
Reserved activitiesStatutory audit (audit is mandatory for all entities under the Companies Law and Income Tax Laws)
Included authorisationsAccountant’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 professionYes
Public oversight authorityCyprus Public Audit Oversight Board (CyPAOB)


Certified Public Accountant
General initial education steps (without possible
• 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 professionals4,809 (including 1,236 practicing professionals)
No. of new trainees per year370
No. of people taking the professional examination1,754
No. of people passing the professional examination963

Market access – Qualified professionals

Certified Public Accountant
Registration requiredYes
Competent authority for registrationICPAC
Cost of appointment/registration€250
Oath requiredNo
Insurance requiredYes, for practising members
Professional address requiredYes, for practising members (professional domicile in Cyprus