Accounting / Audit & Administrative Services Firm

Every legal person  and Sole Practitioner (either under a trade name or not) can be registered and obtain a practicing certificate, provided that the Institute of Certified Public Accountants of Cyprus (ICPAC) is satisfied that the following conditions are cumulatively met:

• The natural persons who carry out statutory audits on behalf of the audit firm have obtained a certificate to practice the profession in the Republic (only for statutory audit firms);
• The majority of the voting rights of the partners or shareholders of the  firm, depending on the case, is held by firm/s and or individuals   to which a general  practicing certificate / provision of administrative services / audit certificate has been granted;
• 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 practicing 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 practicing certificate and audit qualification, or a certificate for the provision of administrative services, as the case may be.

The application for a practicing certificate of a firm / statutory audit firm 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: licensing@icpac.org.cy (for practicing certificates applications)
Website: http://www.icpac.org.cy

1. 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);
   • Recent Clean Criminal Record of all shareholders and directors of the company (issued within last 3 months from the date of the application);
   • Group Structure;
   • Settlement of the fee of €200, only in the case of general practicing certificate where the firm has 1-2 directors;
   • Settlement of the fee of €400, only in the case of general practicing certificate where the firm has 3-5 directors;
   • Settlement of the fee of €800, only in the case of general practicing certificate where the firm has 6-10 directors;
   • Settlement of the fee of €2.500, only in the case of general practicing certificate where the firm has 11-20 directors;
   • Settlement of the fee of €5.000, only in the case of general practicing certificate where the firm has > 20 directors;
   • Settlement of the fee of €750, only in the case of firms providing administrative services;
   • Settlement of the fee of €200, only in the case of firms providing audit services;
   • Copy of the Business Continuity Agreement;
   • Compliance Officer Form.

   For Applications for the Certificate of Statutory Audit Firm

   • List of statutory auditors working for the Audit Firm;
   • Confirmation that the firm has a procedure manual at the level of the audit firm in accordance with the provisions of ISQM1.

   For applications for the Certificate of Provision of Administrative Services

   • Notification to ICPAC for the subsidiary companies of an ASP;
   • Notification to ICPAC of natural persons employed by an ASP;
   • Services provided by the Administrative Services Provider.

Application fees:

Application fee of €200, only in the case of general practicing certificate where the firm has 1-2 directors.

Application fee of €400, only in the case of general practicing certificate where the firm has 3-5 directors.

Application fee of €800, only in the case of general practicing certificate where the firm has 6-10 directors.

Application fee of €2.500, only in the case of general practicing certificate where the firm has 11-20 directors.

Application fee of €5.000, only in the case of general practicing certificate where the firm has > 20 directors.

Application fee of €750 in the case of firms providing administrative services.

Application fee of €200 in the case of firms providing audit services.

Please visit the ICPAC’s website (this specific link for the full fees catalogue).

Administrative Action Against a Competent Authority’s / RSB’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.

Please follow this link.

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 authorized persons of the ICPAC at least once every six years.