Accountant / Auditor

Membership

Any individual can be registered in the ICPAC´s Members 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. (a) is a student – Graduate Accountant of the Joint Examination Scheme (JES) of ICPAC – ACCA;

(b) is a graduate of a body of Professional Accountants other than the Joint Examination Scheme of ICPAC – ACCA.

Has attained university entrance or equivalent level, and possesses the required three year relevant practical experience, has passed the prescribed examinations of professional         competence (including Cyprus Taxation & Cyprus Law variant papers) and has passed the Ethics & Professional Skills module;

2. Is a member of a recognized  Body  of Professional Accountants of EU;

3. Is a member of a recognized Body  of Professional Accountants of a Third Country.

Practicing certificate

A member is eligible to obtain a general practicing certificate and provision of administrative services, 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:

• • has passed the examinations LW Cyprus Corporate and Business Law and TX Cyprus Taxation, and the SBR Strategic Business Reporting (International version).

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.

It is noted that, no exceptions regarding the professional competence are provided to any applicant other than the above.

Certificate of Statutory Auditor

On 2^nd June 2017, the New Auditors Law (L.53(I)/2017) was enacted, harmonizing thus the Cyprus Legislation with the European Directive 2014/56/EU and the European Regulation 537/2014.  Under the new legislation, the current regime changes, as the Cyprus Public Audit Oversight Board (CyPAOB) was established as the competent authority for the audit profession in Cyprus.  Pursuant to the new Law, the competent authority may delegate some of its tasks to Recognized Body of Auditors.  ICPAC is recognized under article 113 of the Law as a Recognized Body of Auditors and on 12 September 2017 a Delegation Agreement between CyPAOB and ICPAC was signed, whereby all allowable by the Law tasks were delegated to ICPAC.  On the 10^th of July 2020, a new Delegation Agreement was signed with the CyPAOB.

A member is eligible to obtain the certificate of Statutory Auditor provided that the Institute of Certified Public Accountants of Cyprus is satisfied that the following criteria are met cumulatively:

• 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 Supervisory body for at least two years, possesses or is eligible to obtain a general practicing certificate 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:

• • 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 and the examination of Strategic Business Reporting (SBR)

• • has passed the examination AAA Advanced Audit and Assurance of the Joint Examination Scheme ACCA/ICPAC,
  • the Audit Qualification Additional Information form has been provided, properly filled and signed.

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 (except from the Audit Qualification Additional Information requirement).

It is noted that no exceptions regarding the professional competence are provided to any applicant other than the above.

Certificate of Insolvency Practitioner (for a member)

A member is eligible to obtain the certificate of Insolvency Practitioner  provided that the Institute of Certified Public Accountants of Cyprus is satisfied that the criteria of obtaining the General Practicing Certificate  are met and the applicant either possesses or is eligible to obtain a General Practicing Certificate.

Additionally, in order to obtain the certificate of Insolvency Practitioner, the applicant needs to duly submit the application for the issuance of the certificate of Insolvency Practitioner (in the Applications & Documents)  and the supplementary declaration as they are presented on the website of the Department of Insolvency. Alternatively you can use the supplementary application in the Applications & Documents.

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 (ICPAC):

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:admissions@icpac.org.cy  (for members registration),
licensing@icpac.org.cy (for practicing certificates applications)
Website: http://www.icpac.org.cy

1. Initially, the Application for Member Registration must be submitted electronically through the ICPAC’s website, using the electronic application form, accompanied by the following documents:

   • Copy of the Identity card or passport;
   • A copy of the marriage certificate or other documentation, if the surname of name has changed;
   • High School Certificate;
   • Examinations Transcript;
   • Training Record form;
   • Ethics and Professional skills module certificate;
   • Certificate of membership of Professional Body of Accountants;
   • The Registration / Re-registration Fee and Annual Subscription;
   • Personal Data Processing & Privacy Information Notice;
   • Original Certificate of Clean Criminal Record (issued within last 3 months from the date of the application).

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

   • Reference letters regarding practical experience;
   • Copy of Aptitude test certificate;
   • In case that, application for practicing certificate is requested in the capacity of the member as an authorized signatory, related declaration / letter should be submitted by the firm that the applicant will be employed (as authorized signatory);
   • Clean Criminal Record (issued within last 3 months from the date of the application);
   • Copy of the Professional Insurance Indemnity.

   For the certificate of Statutory Auditor

   • Copy of the transcript of exams including P7 Advanced Audit and Assurance level (up rot June 2007 paper 3.1 for holders of ACCA only);
   • Audit Qualification Additional Information (only for applicants for statutory auditor certificate) properly filled and signed;

Member registration fees:

The member registration fee is €60.

The annual member’s subscription fee is €200

Member re-registration fees:

The member re-registration fee €400

The annual member’s subscription fee is €200.

Practising certificate fees:

The annual practicing certificate fee is €300.

The annual fee for the Statutory Auditor is €100.

The annual fee for the provision of administrative services certificate is €150.

The initial fee for the issuance of Insolvency Practitioner certificate is €350.

Please note the following:

When applying to ICPAC the applicant agrees to pay the initial registration fee of €60 or re-registration fee of €400 as well as the annual member subscription of €200.

The applicant will be invoiced for the above amounts upon successful acceptance to ICPAC membership. The successful applicant must proceed with the full settlement of the amount due within 5 days of the receipt of the invoice.

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 (payment can be made via JCC Smart website following separate communication from ICPAC, in which you will be provided with the relevant invoice regarding your acceptance as a member).

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

Administrative Action Against a Competent Authority’s/RSB Decision

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

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 a 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. However, such a 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.

Moreover, members that are holders of practicing certificates of any category are subject to a monitoring system for supervising their compliance with ICPAC’s regulations at least once every six years.