There are approximately 3000 Cyprus accountants registered and duly members of ICPAC. 68% of them are men and 32% are women but these numbers are progressively changing in favor of women. 50% of the total number is working in the public practice or works at an accounting and auditing firm. The lasting 50% is working in numerous sectors of the economy both in the public and in the private sector.
Cyprus accountants are of high professional level due to the high and proficient academic qualifications the Institute of Certified Public Accountants of Cyprus requires. To join the ICPAC accountants must have graduated from recognized accountancy bodies of European Union member states or discerning bodies of third countries that are considered correspondent provided they meet certain criteria.
Noteworthy is the fact that Cyprus has been chosen by the Institute of Chartered Accountants in England and Wales and the Chartered Institute of Management Accountants as the first country in the entire world to train U.K. Chartered and CIMA accountants outside the U.K. This confirms the high level of education, the ethics and standards and the excellent training that exist in Cyprus.
As members of the ICPAC they are eligible to offer professional accounting, auditing management consultancy, taxation and other administrative services to the private and public sector.
However their role today in our globalized society is getting multifaceted and complex. Many occasions such as the listing of a great number of companies in the Cyprus Stock Exchange, the removal of restrictions in the capital movement, the off-shore companies that overrun the island and the Cyprus’ accession in the EU has widened accountants’ role. Therefore, their work today is not limited to the registration of financial data or the preparation of a financial or audit report.
In order to ensure that professional accountants in Cyprus are well-appointed to under-come the many challenges they are fronting The Institute of Certified Public Accountants of Cyprus has developed a flexible CPD program for all its members who are practicing the profession.
Additionally, the Institute of Certified Public Accountants of Cyprus and ACCA (the Association of Chartered Certified Accountants) has come to an agreement of cooperation on a specially designed quality assurance program. The program includes a number of visits to the practicing firms - members of ICPAC, to calculate the systems and quality controls used by them in providing professional services to the public.