INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF CYPRUS (ΣΥΝΔΕΣΜΟΣ ΕΓΚΕΚΡΙΜΕΝΩΝ ΛΟΓΙΣΤΩΝ ΚΥΠΡΟΥ)

ICPAC is the relevant authority for the accountancy profession in the Republic of Cyprus. Established in 1961, ICPAC currently registers more than 5.600 professional accountants as members and another 3.200 students and graduates. ICPAC's main aims are to (a) provide an organisational framework for all professional accountants in Cyprus, (b) provide professional training, guidance and education to its members, (c) regulate the profession, by means of issuing practising certificates and monitoring the work performed by the practising members and their firms, (d) ensure adherence to the Code of Ethics (IESBA code of ethics), (e) promote the interests of the members and the accountancy profession. ICPAC's mission statement highlights its objectives as (a) empower its members by providing appropriate knowledge, training, guidance and support, (b) promote the highest professional and ethical ideals, (c) be the essential partner for the State for matters relating to the economy, and ( (...)

ICPAC is interested in actively participating in EU initiatives and discussions pertaining to: (a) the regulation of the audit profession, including matters of implementation specific legislative instruments such as Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts and Regulation 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding the statutory audit of public interest entities, (b) the Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports and the application of the IFRS as approved by EU, (c) the prevention of the useo the financial system for the purposes of money laundering and/or terrorist financing, including matters of the implementation of specific legislative measures such as Directive (EU) 2018/843 of the European Union and of the Council of 30May 2018 amending Directive (EU) 2015/849, (d) the nrichment of personal data protection via legislative measures suych as the General Data Protection Regulation (EU) 2016/679, (e) matters related to EU taxation policy and actions such as the implementation of Council Directive (EU) 2018/822 of 25 May 2018 amending Directive 2011/16/EU regarding mandatory automatic exchange of information in the field of taxation in relation to reportable cross border arrangements (f) matters relating to EU Foreign Investment Policy including Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 (g) matters relating to corporate and public governance and ethics, (h) contemporary matters of transforamtive effect including Brexit and the interaction thereof with legislative measures such as Directive 2005/36/EC of the European Parliament and of the Council of 7 September 2005 on the recognition of professional qualifications, Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts and the EU-UK Trade and Cooperation Agreement of 2020 regarding the recognition of regulated professions and professional qualifications, (i) company law matters, (j) competition law matters, as well as (k) matters relating to general accountancy practices.

ICPAC also intends tocontribute in the discussion and consultation in the discourse related to Ethics, Compliance, Governance, Transparency and Anti-Corruption.

http://www.icpac.org.cy

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The General Manager and the relevant Senior Officers, as well as any relevant external associate, will be engaged in the above-mentioned activities.

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