Accountant / Auditor

Last Update on 27/07/2020

Practicing the Accounting and Audit Profession

General Information

In order to practice the accounting and audit profession in the Republic of Cyprus, one needs to register in the ICPAC´s Registry and obtain a practicing certificate or a practicing certificate and audit qualification by the Institute of Certified Public Accountants of Cyprus (ICPAC).

Membership

Every natural person can be registered in the ICPAC´s Registry, provided that the Institute of Certified Public Accountants of Cyprus (ICPAC) is satisfied that he/she is of good standing and suitable person to be registered in the Register and fulfills any of the following criteria:

  1. Has attained university entrance or equivalent level, and possesses the prescribed practical experience and has passed the prescribed examinations of professional competence (Regulation 2.300);
  2. Is a member of at least one of the Bodies of Professional Accountants referred to in the Annex I (see related documents);
  3. Is a member of at least one of the Bodies of Professional Accountants referred to in the Annex II (see related documents) or is a member of any other Body of Professional Accountants which is recognized by the Council as equivalent to the above Bodies;
  4. A person who possesses the qualifications provided by section 155(1)(a) of the Companies Law, Cap 113, prior to the entry into force of the Companies (Amendment) Law of 2001, No. 76(I)/2001 on 4 May 2001;
  5. A person to whom a licence has been granted by the Council of Ministers under section 155(1)(b) of the Companies Law, Cap.113, prior to the entry into force of the Companies (Amendment) Law of 2001, No. 76(I)/2001 on 4 May 2001;
  6. A person to whom a licence has been granted by the Minister of Energy, Commerce and Industry under section 23 of the Companies (Amendment)(No.2) Law of 2003, No.167(I)/2003, i.e. up to 30 April 2004.

Practicing certificate

A member is eligible to obtain a practicing certificate, provided that the Institute of Certified Public Accountants of Cyprus is satisfied that the following criteria are met:

  • The membership registration to the ICPAC´s Registry has been completed;
  • If he has been enrolled in the Register of Members in accordance with paragraphs (1)-(3) above, must be a member of a recognized body of accountants for at least two years and satisfy the following conditions:
    • has completed three years of practical experience, working either as employee or sub-contractor under the supervision of a suitably experienced Member or any other person having in the opinion of the Council adequate qualifications;
    • at least two years of the above mentioned practical experience, have been completed after the individual’s admission to membership of a recognized body of accountants;

It is clarified that the remaining period of experience may be completed before or after or partly before or partly after the individual’s admission to membership of a recognized body of accountants:

It is provided that, persons who had the qualifications for appointment as company auditors under the legislation in force prior to 4 May 2001 and the persons who obtained their professional qualification during the period from 4 May 2001 until 1 October 2001 will be exempt from this condition.

    • has passed the examinations LW Cyprus Corporate and Business Law and TX Cyprus Taxation, if he has not been successful in any other examination, at the discretion of the Council, of an equivalent standard.

It is provided that, the clarifications and transitional provisions referred to in paragraph 6 of the Regulation 2.400 «Examinations of professional competence» will apply for this condition.

Notably, a person who has been enrolled in the Register of Members in accordance with 4, 5, or 6 above shall be regarded as satisfying the criteria of practical experience.

Practicing certificate and audit qualification

A member is eligible to obtain a practicing certificate and audit qualification provided that the Institute of Certified Public Accountants of Cyprus is satisfied that the following criteria are met:

  • The membership registration to the ICPAC´s Registry has been completed;
  • If he has been enrolled in the Register of Members in accordance with paragraphs (1)-(3) above, must be a member of a recognized body of accountants for at least two years and satisfy the following conditions:
    • has completed three years of practical experience, working either as employee or sub-contractor in an audit firm in Cyprus or in an office of a person to whom a practicing certificate and audit qualification has been granted under the law of a European Union member state;
    • at least two years of the above mentioned practical experience, have been completed after the individual’s admission to membership of a recognized body of accountants;

It is clarified that the remaining period of experience may be completed before or after or partly before or after or partly before or partly after the individual’s admission to membership of a recognized body of accountants:

It is provided that, persons who had the qualifications for appointment as company auditors under the legislation in force prior to 4 May 2001 and the persons who obtained their professional qualification during the period form 4 May 2001 until 1 October 2001 will be exempt from this condition as well as the condition (iii) below.

    • at least one year out of the two years of practical experience must be in audit work, which must be at least six months in statutory audit of companies and the remaining six months in other audit work where the provisions of auditing standards are applied and an audit opinion is provided;
    • has passed the examinations LW Cyprus Corporate and Business Law and TX Cyprus Taxation, if he has not been successful in any other examination, at the discretion of the Council, of an equivalent standard;

It is provided that the clarifications and transitional provisions referred to in paragraph 6 of the Regulation 2.400 “Examinations of professional competence» will apply for this condition.

    • has passed the examination AAA Advanced Audit and Assurance of the Joint Examination Scheme ACCA/ICPAC, in the event that the specific paper was not selected during the normal course of the studies.

Transitional Provision

Persons who had the qualifications for appointment as company auditors under the legislation in force prior to 4 May 2001 and the persons who obtained their professional qualification during the period from 4 May 2001 until 1 October 2001 will be exempt from the above conditions in obtaining a Practicing Certificate.

Notably, a person who has been enrolled in the Register of Members in accordance with 4, 5, or 6 above shall be regarded as satisfying the criteria of practical experience.

The application forms for member registration and for a practicing certificate can be submitted either through the PSC Cyprus or by contacting directly the competent authority:

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
E-mail: info@icpac.org.cy
Website: http://www.icpac.org.cy

  1. Initially, the Application for Member Registration must be submitted, accompanied by the following documents:

    • Copy of the Identity card;
    • Copy of the certificate of the body of accountants of which one is a member;
    • Copy of the marriage certificate if the name of the applicant has changed;
    • Copy of the certificate of practical experience for members of the AICPA;
    • Copy of a certificate proving the success in the prescribed examinations of professional competence (where applicable, pursuant to paragraphs 1 and 4 above;
    • Copy of the licence granted by the Council of Ministers or the Minister of Energy, Commerce, Industry and Tourism (where applicable, pursuant to paragraphs 4, 5 and 6 above;
    • Copy of an analytical statement of the work experience (where applicable, as referred to in paragraphs 1 and 4 above;
    • Registration fee of €60;
    • Annual subscription fee of €180 (if the approval is granted between 1st of July and 31st of December the fee is reduced to €90);
    • Recent Clean Criminal Record.

    Upon approval of the membership registration, the Application for a Practicing Certificate must be submitted; accompanied by the following documents:

    • Copy of professional indemnity insurance certificate;
    • Copies of the aptitude test certificates;
    • Copy of exam transcript including subject P7 Advanced Audit and Assurance [until June 2007 – 3.1 Audit and Assurance Services] for ACCA members only;
    • Copy of confirmation of the requisite practical experience;
    • An annual practicing certificate fee of €250;
    • An annual fee for Statutory Auditor of €35;
    • Application for a Practicing certificate for firm;
    • Additional Information for Audit Qualification (only for applicants for Statutory Auditors).

The registration fee is €60.

The annual subscription fee is €180 (if the approval is granted between 1st of July and 31st of December the fee is reduced to €90).

The annual practicing certificate fee is €250.

The annual fee for Statutory Auditor is €35.

For more fees please go to the ICPAC’s website.

Notably, the registration fees, annual subscription fees and practicing certificate fees can be paid at the ICPAC either by cheque, credit card or through the JCCsmart’s website.

The applicant is informed regarding the registration/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 send by the ICPAC to all members electronically.

Administrative Action Against a Competent Authority’s Decision

Any person may file an Administrative Action at the Administrative court against a decision, act or omission of any competent authority or body.

Pursuant to Article 146 of the Constitution, an Administrative Action may be lodged within 75 days from the date of the decision or act or omission or from the day when such decision or act or omission was notified to the applicant.

The Administrative Court acts as a cassation Court and not as a substantive Court. In other words, the Administrative Court may:
I. Dismiss the Administrative Action
II. Annul wholly or partially the contested decision or act
III. Compel the relevant authority or body to take a certain action

After a decision is annulled, the authority and/or public body must reverse things back to the state prior to when the concerned decision and/or act was executed and reexamine.

Appeal Information

An Appeal may be filed against the Administrative Court’s first-instance decision within a period of 42 days from the date such decision was given.

At the Supreme Court (Court of Appeal Section) hearing, the contested issue of the appeal remains the legality of the decision or act already adjudicated for. However, such revision of the legality of the decision or act is solely examined on the matters and the extent that the two parties have limited the reasons in the relevant notice of appeal.

The decision adopted by the Supreme Court is considered final in relation to the matter that has been judged.

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Every licensed professional accountant and auditor 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), the ICPAC’s Regulations on Professional Indemnity Insurance Cover, the requirements for continuing professional development and continuity of practice, 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.

Every licensed professional accountant and auditor 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), the ICPAC’s Regulations on Professional Indemnity Insurance Cover, the requirements for continuing professional development and continuity of practice, 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, members that are holders of practicing certificate of any category are subject to a monitoring system for supervising their compliance with ICPAC’s regulations at least once every six years.