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):
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 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.