Back to overview

Cyprus Business Permits - Practising The Accounting Profession

Bookmark and Share

Information on practising the accounting and audit profession in Cyprus

Lofou Village                                    Photo © CyprusExpat.co.uk

Practising the Accounting and Audit Profession  

Description

In order to practise the accounting and audit profession in the Republic of Cyprus, one needs to register in the ICPAC´s Registry and obtain a practising certificate or a practicing certificate and audit qualification by the Institute of Certified Public Accountants of Cyprus (ICPAC).

Eligibility Criteria

Membership

Every natural person can be registered in the ICPAC´s Registry, provided that the Institute of Certified Public Accountants of Cyprus (ICPAC) is satisfied that he/she is of good character and suitable person to be registered in the Register and fulfils any of the following criteria:

1.Has attained university entrance or equivalent level, and possesses the prescribed practical experience (Regulation 1.106) and has passed the prescribed examinations of professional competence(Regulation 1.104);

2.Is a member of at least one of the Bodies of Professional Accountants;

3.Is a member of at least one of the Bodies of Professional Accountants referred to in the Annex II (see related documents) or is a member of any other Body of Professional Accountants which is recognized by the Council as equivalent to the above Bodies;

4.A person who does not fulfil the prerequisites of criteria (1) – (3) above can be registered if he/she proves that he/she:

a. has engaged for fifteen years in professional activities which have enabled him/her to acquire sufficient experience in the financial, legal and accounting sector and has passed the prescribed examinations of professional competence; or

b. has engaged for seven years in professional activities in the sectors referred to in sub-paragraph (a) above, has undergone the prescribed practical experience and has passed the prescribed examinations of professional competence.

5.A person who possesses the qualifications provided by section 155(1)(a) of the Companies Law, Cap 113, prior to the entry into force of the Companies (Amendment) Law of 2001, No. 76(I)/2001 on 4 May 2001.

6.A person to whom a licence has been granted by the Council of Ministers under section 155(1)(b) of the Companies Law, Cap.113, prior to the entry into force of the Companies (Amendment) Law of 2001, No. 76(I)/2001 on 4 May 2001.

7. A person to whom a licence has been granted by the Minister of Energy, Commerce, Industry and Tourism under section 23 of the Companies (Amendment)(No.2) Law of 2003, No.167(I)/2003, i.e. up to 30 April 2004

Practising certificate

A member is eligible to obtain a practising certificate, provided that the Institute of Certified Public Accountants of Cyprus is satisfied that the following criteria are met:

(a) the membership registration to the ICPAC´s Registry has been completed;

(b) if he has been enrolled in the Register of Members in accordance with paragraphs (1)-(4) above, must be a member of a recognised body of accountants for at least two years and satisfy the following conditions:

(i) 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;

(ii) at least two years of the above mentioned practical experience, have been completed after the individual’s admission to membership of a recognised 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 recognised body of accountants:

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.

(iii) has passed the examinations F4 Cyprus Corporate and Business Law and F6 Cyprus Taxation, if he has not been successful in any other examination, at the discretion of the Council, of an equivalent standard.

It is provided that, the clarifications and transitional provisions referred to in paragraph 5 of the Regulation 1.104 «Examinations of professional competence» will apply for this condition.

Notably, a person who has been enrolled in the Register of Members in accordance with 5, 6, or 7 above shall be regarded as satisfying the criteria of practical experience.

Practising certificate and audit qualification

A member is eligible to obtain a practising certificate and audit qualification provided that the Institute of Certified Public Accountants of Cyprus is satisfied that the following criteria are met:

(a) the membership registration to the ICPAC´s Registry has been completed;

(b) if he has been enrolled in the Register of Members in accordance with paragraphs (1)-(4) above, must be a member of a recognised body of accountants for at least two years and satisfy the following conditions:

(i) 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 practising certificate and audit qualification has been granted under the law of a European Union member state;

(ii) at least two years of the above mentioned practical experience, have been completed after the individual’s admission to membership of a recognised 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 recognised body of accountants:

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 form 4 May 2001 until 1 October 2001 will be exempt from this condition as well as the condition (iii) below.

(iii) 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;

(iv) has passed the examinations F4 Cyprus Corporate and Business Law and F6 Cyprus Taxation, if he has not been successful in any other examination, at the discretion of the Council, of an equivalent standard;

It is provided that the clarifications and transitional provisions referred to in paragraph 5 of the Regulation 1.104 “Examinations of professional competence» will apply for this condition.

(v) has passed the examination P7 Advanced Audit and Assurance of the Joint Examination Scheme ACCA/ICPAC, in the event that the specific paper was not selected during the normal course of the studies.

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.

Notably, a person who has been enrolled in the Register of Members in accordance with 5, 6, or 7 above shall be regarded as satisfying the criteria of practical experience.

Application Procedure

The electronic application forms (Electronic Application for Member registration and Electronic Application for a practicing certificate) can be submitted either through the PSC Cyprus or by contacting directly the competent authority. Please note that the submission of the aforementioned online application form necessitates the use of an electronic signature, which has to be under the sole control of the applicant.

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

Initially, the Application for Member Registration must be submitted, accompanied by the following documents:

copy of the Identity card

copy of the certificate of the body of accountants of which one is a member;

copy of the marriage certificate if the name of the applicant has changed;

copy of the certificate of practical experience for members of the AICPA;

copy of a certificate proving the success in the prescribed examinations of professional competence (where applicable, pursuant to paragraphs 1 and 4 above.

copy of the licence granted by the Council of Ministers or the Minister of Energy, Commerce, Industry and Tourism (where applicable, pursuant to paragraphs 5, 6 and 7 above.

copy of an analytical statement of the work experience (where applicable, as referred to in paragraphs 1 and 4 above.

registration fee of €60;

annual subscription fee of €180 (if the approval is granted between 1st of July and 31st of December the fee is reduced to €90).

Upon approval of the membership registration, the Application for a Practising Certificate must be submitted; accompanied by the following documents:

copy of professional indemnity insurance certificate;

copies of the aptitude test certificates;

copy of exam transcript including subject P7 Advanced Audit and Assurance [until June 2007 – 3.1 Audit and Assurance Services] for ACCA members only;

copy of confirmation of the requisite practical experience;

an annual practising certificate fee of €350.

Notably, the registration fees, annual subscription fees and practising certificate fees can be paid to ICPAC either by cheque, credit card or the ICPAC´s website http://www.icpac.org.cy.

The applicant is informed regarding the registration/authorisation decision within one month from the date that the application form and supporting document were duly submitted.

The licence is valid until the 31st of December of the year of issue. The renewal forms are send by the ICPAC to all members electronically.

Obligations and Supervision

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 certificate of any category are subject to a monitoring system for supervising their compliance with ICPAC’s regulations at least once every six years.

Other Associations

International Federation of Accountants
Website: http://www.ifac.org

Federation of European Accountants
Website: http://www.fee.be

Federation of Mediterranean Accountants
Website: http:// www.fcmweb.org

Source PIC

Last Updated 28 February 2017

CYPRUS INFORMATION ARTICLES      CYPRUS NEWS      CYPRUS VILLAGE PHOTOS

BUSINESS DIRECTORY        VILLAGES OF CYPRUS            CYPRUS VILLAGE INDEX

NEWSLETTER               CYPRUS VILLAGE FESTIVALS               CYPRUS PHOTOS

Bookmark and Share