The Institute of Certified Public Accountants of Cyprus was established in 1961, in accordance with the provisions of the Companies Law, Cap. 113, and it is the competent authority for regulating the accounting and audit profession in Cyprus. ICPAC membership is comprised of practicing and non-practicing accountancy professionals. Practicing professionals are accountants and auditors in public practice who possess a practicing certificate and provide accounting, audit, tax, consulting, company administration services, insolvency and other services. Nonpracticing accountancy professionals work in the public and private sectors and are not required. In accordance to the Law, all statutory auditors and audit firms must be registered with a Recognised Body of Auditors.
