If you search for the Cyprus association of accountants, you will find ICPAC – the Institute of Certified Public Accountants of Cyprus. It is the main professional body for accountants and also the AML/CFT supervisor for the sector. In other words, ICPAC sets rules, inspects firms, and represents Cyprus internationally. This article explains what ICPAC does, how membership works, and why it matters for both professionals and businesses in 2025.
To begin with, ICPAC was created in 1961 with only 21 members. Today, it has grown into an organisation with thousands of professionals. It issues binding AML and sanctions rules, runs on-site and off-site checks, and provides training to keep accountants up to date. In addition, ICPAC is part of the international network of professional accounting bodies, giving it global credibility.
It is important to understand the difference between accountants and auditors.
Therefore, if your business only needs bookkeeping or tax, ICPAC membership is enough. However, if you need a statutory audit, you should make sure your provider is also approved by CyPAOB.
Joining ICPAC is straightforward. For new members, there is a €60 registration fee. In addition, there is an annual subscription of around €180–200 depending on the membership type. Retired or unemployed members pay less.
Students also have a path through the ACCA Joint Examination Scheme (JES). In fact, every ACCA student in Cyprus must register with ICPAC’s Student Register. This way, they become part of the professional community early in their career.
When you work with an ICPAC member, you will notice they ask for documents such as ID, proof of address, and details of business owners. This is because ICPAC requires firms to follow AML rules in line with EU law. As a result, accountants must:
Although this process may feel demanding, it protects both clients and firms.
In 2025, most tax services are moving to the Tax For All (TFA) platform. Already, VAT and VIES are submitted only through TFA. Payroll and other forms are also being added step by step. Therefore, your accountant should be familiar with TFA, know the deadlines, and be able to guide you through the process. If problems arise, there is a government helpdesk (17700 / +357 22803803 / tfahelpdesk@tax.mof.gov.cy).
To make a safe choice:
By following these steps, you can reduce risks and get reliable service.
Is ICPAC the Cyprus association of accountants?
Yes, ICPAC is the official body for accountants in Cyprus.
Who supervises auditors?
Auditors are monitored by the CyPAOB, not ICPAC.
Why does my accountant ask for so many documents?
Because ICPAC requires AML checks every year to meet EU standards.
Do ACCA students in Cyprus need ICPAC?
Yes. Under the JES agreement, they must also register with ICPAC.
The Cyprus Association of Accountants (ICPAC) is central to the profession. It supervises accountants, enforces AML rules, and connects Cyprus to the global accounting world. Meanwhile, the CyPAOB makes sure auditors meet high-quality standards. For businesses, choosing an ICPAC-regulated firm ensures compliance and reliability.
For more information, visit Soneverse and check out our Accounting guide.
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