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Provision of Accounting/Audit/Administrative Services by Firms


Description

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.

Hide details for Eligibility CriteriaEligibility Criteria

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.

Show details for Application ProcedureApplication Procedure