In order for a firm to provide accounting, auditing, or administrative services in the Republic of Cyprus, a practising certificate needs to be obtained by the Institute of Certified Public Accountants of Cyprus (ICPAC).
Moreover, the practising certificate needs to be obtained for each of the following persons (see Practising the Accounting and Auditing Profession in related links):
- sole proprietors, partners, or directors of a firm where public practice is carried out;
- employee designated as a responsible individual for the signing of opinions and reports on behalf of a practising Member or firm of accountants;
- providers of tax planning and tax consultancy, business consultancy, corporate services and trustee services.
Every legal person can be registered and obtain a practising certificate, provided that the Institute of Certified Public Accountants of Cyprus (ICPAC) is satisfied that the following conditions are met:
- the natural persons who carry out statutory audits on behalf of the audit firm have obtained a certificate to practise the profession in the Republic (only for statutory audit firms);
- the majority of the voting rights of the partners or shareholders of the audit firm, depending on the case, is held by audit firms to which a practising certificate has been granted to carry out statutory audit or by statutory auditors;
- a majority up to seventy five percent (75%) in the case of audit services and fifty percent (50%) in the case of accounting and administrative services respectively, of the general partners, in the case of a partnership, or the members of the board of directors, in the case of a company, are statutory auditors, or holders of a practising certificate, as the case may be;
- if the general partners, in the case of a partnership, or the members of the board of directors, in the case of a company, are not more than two, at least one of them must hold a practicing certificate or a practising certificate and audit qualification, or a certificate for the provision of administrative services, as the case may be.
The electronic application for a practising certificate of a firm / statutory audit firm can be submitted either through the PSC Cyprus or by contacting directly the competent authority. Please note that the submission of the aforementioned online application form necessitates the use of an electronic signature, which has to be under the sole control of the applicant.
The Institute of Certified Public Accountants of Cyprus
P.O.Box 24935, 1355 Nicosia
11 Byron Avenue, 1096 Nicosia
Tel.: +357 22 870 030
Fax: +357 22 766 360
The Application form should be accompanied by the following documents:
- copy of the professional indemnity insurance;
- copy of certificate of incorporation (in case of company);
- copy of Certificate of Registered Office Address (in case of company);
- copy of Certificate of Directors and Secretary (in case of company);
- copy of Certificate of Shareholders (in case of company).
- copy of Certificate of Partners (in case of partnership);
- copy of address of place of Business (in case of partnership);
- copy of the Certificate of registration of partnership (in case of partnership);
- copy of the Certificate of Registration of Trade Name (in case of tradename);
- settlement of the fee of €750, only in the case of firms providing administrative services;
- settlement of the fee of €70, only in the case of firms providing audit services;
- copy of the Business Continuity Agreement.
The applicant is informed regarding the authorization decision within two months from the date that the application form and supporting document were duly submitted.
The licence is valid until the 31st of December of the year of issue. The renewal forms are sent by the ICPAC to all members electronically.
Obligations and Supervision
Every licensed firm/statutory audit firm is obliged to comply with the provisions of the International Financial Reporting Standards, the International Standards on Auditing, the Code of Ethics for Professional Accountants (identical to the IFAC Code), ICPAC’s Directive on the prevention and suppression of money laundering activities and all the technical standards and guidelines that are applicable to the accountants’ work.
Moreover, audit monitoring visits to the audit firms as well as monitoring visits to all licenced firms to verify compliance with the requirements of the Prevention and Suppression of Money Laundering Activities Laws and ICPAC’s Directive and Key Regulations are carried out by authorised persons of the ICPAC at least once every six years.
International Federation of Accountants
Federation of European Accountants
Federation of Mediterranean Accountants