The Institute of Certified Public Accountants of Cyprus (ICPAC) is the competent authority for regulating the accounting and audit profession in Cyprus.

Established in 1961, ICPAC currently has more than 5,500 professional accountants as members and 3,500 students. Its principal objectives include the provision of an organisational framework for all professional accountants, the support and the promotion of the activities and interests of the accountancy profession, safeguarding the reputation of the profession and adherence to the Code of Ethics by all its members, as well as the continuous professional development and updating of members on issues relevant to accounting, auditing and other business matters.

Apart from the above role, ICPAC is also a competent authority under the Anti-Money Laundering laws, the laws on the regulation of enterprises providing administrative services and the Insolvency Practitioner Law. ICPAC deploys a series of actions to provide knowledge, training, technical assistance and guidance to its members on various professional topics of interest. The Institute is a key stakeholder in the economy of the country, playing a vital role to establish and maintain Cyprus as an international business centre of repute. It provides assistance to the Government and its departments, as well as cooperating harmoniously with other bodies in the private sector.

ICPAC shares its views and opinions on various issues that are addressed either by the Government or by the House of Representatives during the drafting of bills or other documents, something which is highly valued.

The following bilateral cooperation agreements have been signed / are to be signed by ICPAC and other reputable organisations:

• Cooperation Agreement between ICPAC and Institute of Business Ethics (IBE), UK [signed 28/9/2018]
• Cooperation Between ICPAC and the Cyprus Association of Certified Fraud Examiner (CyACFE), [signed 2/10/2018]
• Cooperation Agreement between ICPAC and the Chamber of Financial Auditors of Romania (CAFR), [to be signed on 26/10/2018]
• Cooperation Agreement between ICPAC and the Technological University of Cyprus (TEPAK) [to be signed on 29/10/2018]