CYPRUS PUBLIC AUDIT OVERSIGHT BOARD

What CYPRUS PUBLIC AUDIT OVERSIGHT BOARD does

The Cyprus Public Audit Oversight Board (CyPAOB / ΑΔΕΕλΕπ) is the independent public authority responsible for oversight of the statutory audit profession in the Republic of Cyprus, established on 2 June 2017 under the Auditors Law N53(I)/2017 and operating within the framework of Regulation (EU) No. 537/2014. Its mandate covers registration and licensing of statutory auditors and audit firms, quality assurance inspections of public interest entity (PIE) audit files (on 1, 3, or 6-year cycles based on risk), firm-wide quality control reviews under ISQM1, a public disciplinary system, and maintenance of the Public Register. In July 2025, Cyprus amended the Auditors Law to align with EU Directive 2022/2464 (CSRD), extending CyPAOB's authority over sustainability assurance practitioners.

CyPAOB's "products" are statutory services rather than commercial offerings: the Public Register of Statutory Auditors and Audit Firms (which already lists 20 CSRD sustainability assurance providers including the Cyprus affiliates of KPMG, PwC, Deloitte, and EY), the CSRD assurance licensing process, the Whistleblower Reporting Platform (compliant with Law 6(I)/2022), and ongoing regulatory circulars and guidelines. The authority operates with approximately 10 staff from its headquarters at 56 Makarios Avenue, Nicosia, and is governed by a Board appointed by the Council of Ministers for six-year terms.

The authority is funded entirely through annual supervisory fees and one-time licensing fees, with no commercial revenue model. CyPAOB is an active member of the Committee of European Auditing Oversight Bodies (CEAOB) — whose Chair since July 2024 is CyPAOB's Director General, Panos Prodromides — and of the International Forum of Independent Audit Regulators (IFIAR). It cooperates bilaterally with the US PCAOB under a December 2025 Statement of Protocol and with Bulgaria's CPOSA, and delegates certain registration tasks to the Institute of Certified Public Accountants of Cyprus (ICPAC) under a Delegation Agreement.

Name

CYPRUS PUBLIC AUDIT OVERSIGHT BOARD

Legal name

AUTHORITY FOR PUBLIC OVERSIGHT OF THE AUDIT PROFESSION

Website

https://cypaob.gov.cy

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

CyPAOB is Cyprus's independent public authority overseeing statutory auditors and audit firms, conducting quality inspections, maintaining the Public Register, enforcing disciplinary standards, and licensing sustainability assurance practitioners under CSRD.

Ownership category

akta.pro rank

Product category

Public Audit Oversight and Regulation

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615)

akta.pro primary industry

Audit, Compliance Monitoring & Investigations (BPAIADAE)

akta.pro secondary industry

Fraud Risk Management & Anti-Bribery/Anti-Corruption (ABAC) (BPAHAFAL)

Keywords

• Audit oversight regulation
• Statutory auditor registration
• Audit firm inspections
• Disciplinary enforcement auditing
• Financial reporting supervision

Headquarters

HQ city

Nicosia

HQ country

Cyprus

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Supervisory Fees: CyPAOB charges annual supervisory fees to statutory auditors and audit firms for oversight activities, based on the calculation methodology published annually.
2. Licensing Fees: Fees collected for registration and licensing of statutory auditors and audit firms in the Public Register, including CSRD sustainability assurance practitioner licenses.

Distribution channels3 records

Marketing channels4 records

Core offering

CyPAOB is the sole statutory competent authority in the Republic of Cyprus for the public oversight of statutory auditors and audit firms. It maintains the public register of statutory auditors and audit firms, conducts risk-based inspections of audit firms, enforces a disciplinary system with sanctions, and licenses practitioners for CSRD sustainability assurance, in line with EU requirements and IFIAR standards.

Product overview

CyPAOB is a public regulatory authority that does not offer commercial products but provides core supervisory services including: a Public Register of licensed statutory auditors and audit firms, audit firm inspections for quality assurance (including ISQM1 assessments), a disciplinary system with sanctions enforcement, CSRD sustainability assurance licensing for auditors, a whistleblower reporting platform compliant with EU Directive, and regulatory circulars/guidelines. The organization operates under the Auditors Law N53(I)/2017 and Regulation (EU) 537/2014, overseeing all statutory auditors and audit firms in Cyprus to ensure compliance with audit standards and protect public interest.

Differentiator

Problem solved

Functional benefit

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Public Company Accounting Oversight Board (PCAOB)coreStrategic or Co-development Partner · 18 December 2025CyPAOB signed a Statement of Protocol and a Data Protection Agreement with the US PCAOB on 18 December 2025, enabling the cross-border sharing of working papers, inspection reports, and personnel data between the two supervisory authorities.
• Public Company Accounting Oversight Board (PCAOB) International Institute on Audit RegulationminorStrategic or Co-development Partner · 29 October 2024CyPAOB leadership participated in the PCAOB International Institute on Audit Regulation in Washington DC, under the theme 'Raising the Bar for Audit Quality', with sessions involving PCAOB Board Members, non-US regulatory leaders, and investor community representatives from 40 jurisdictions.
• Commission for Public Oversight of Statutory Auditors (CPOSA), BulgariaminorStrategic or Co-development Partner · 25 September 2024CyPAOB Director General and CEAOB Chair held bilateral meetings in Sofia with the management of CPOSA and the Bulgarian ICPA to discuss cooperation and share best practices in audit oversight between Cyprus and Bulgaria.
• International Forum of Independent Audit Regulators (IFIAR)coreStrategic or Co-development Partner · 12 July 2024CyPAOB participates in IFIAR activities, including inspections workshops and working groups. Mr. Pambos Efstratiou participated in the 19th IFIAR Inspections Workshop in March 2025 and announced that CyPAOB will host the 20th IFIAR Inspection Workshop in Limassol from 24-26 March 2026.
• Institute of Certified Public Accountants of Cyprus (ICPAC)coreImplementation/ SI/ Consulting Partner · 2 June 2017CyPAOB has a Delegation Agreement with ICPAC under the Auditors Law N.53(I)/2017, pursuant to which ICPAC handles certain tasks related to the registration and licensing of statutory auditors and audit firms within the framework of the Delegation Agreement. CyPAOB supervises ICPAC's implementation of the delegated tasks.
• Committee of European Auditing Oversight Bodies (CEAOB)coreStrategic or Co-development PartnerCyPAOB is an active member of the CEAOB, the European body coordinating audit oversight among EU member states. The Director General of CyPAOB, Mr. Panos Prodromides, was elected Chair of CEAOB for a four-year term starting 12 July 2024. CEAOB activities include adoption of work programmes, enforcement questionnaires, sustainability reporting guidelines, and cooperation with European institutions on audit regulation.
• European Audit Firm Networks (Big Four)minorStrategic or Co-development PartnerCyPAOB maintains institutional relationships with the Big Four audit networks (KPMG, PwC, Deloitte, EY) through CEAOB College meetings, inspection activities, and quality assurance reviews. Deloitte College meetings were hosted in Cyprus in May 2025 under CyPAOB's chairmanship.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Public Company Accounting Oversight Board (PCAOB): The US national audit oversight regulator for auditors of public companies. PCAOB performs the same statutory functions as CyPAOB (registration, inspections, disciplinary actions, international cooperation) and signed a Statement of Protocol and Data Protection Agreement with CyPAOB in December 2025.
• Commission for Public Oversight of Statutory Auditors (CPOSA), Bulgaria: Bulgaria's national audit oversight body. Directly comparable in scale and mandate to CyPAOB, and the two authorities hold bilateral cooperation meetings to share best practices.
• Financial Reporting Council (FRC): The UK's regulator for corporate reporting, auditing, and actuarial work. Performs registration, monitoring, inspection, and enforcement functions directly comparable to CyPAOB's mandate over statutory auditors.
• International Forum of Independent Audit Regulators (IFIAR): Global forum of independent audit regulators. CyPAOB participates in IFIAR inspections workshops and working groups, and will host the 20th IFIAR Inspection Workshop in Limassol in March 2026.
• Haut Conseil du Commissariat aux Comptes (H3C): France's independent audit oversight body. Conducts quality inspections of statutory auditors and disciplinary functions, structurally analogous to CyPAOB's mandate under EU Regulation 537/2014.
• Committee of European Auditing Oversight Bodies (CEAOB): The EU-level body that coordinates national audit regulators. CyPAOB's Director General chairs CEAOB, and CyPAOB actively participates in work programmes, enforcement questionnaires, and sustainability reporting guidelines.

Broad incumbents

• Commissione Nazionale per le Società e la Borsa (CONSOB): Italy's securities regulator with audit oversight responsibilities for listed-entity auditors. Operates a wider portfolio than CyPAOB but performs analogous audit supervision and disciplinary functions.
• Autoriteit Financiële Markten (AFM): The Netherlands Authority for the Financial Markets, which oversees statutory auditors alongside broader market conduct supervision. Shares CyPAOB's statutory mandate over audit quality within its jurisdiction.
• Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin): Germany's integrated financial regulator with audit oversight responsibilities for PIE auditors. Larger and broader than CyPAOB but performs comparable registration, inspection, and enforcement functions within Germany.

Others

• Institute of Certified Public Accountants of Cyprus (ICPAC): Cyprus's professional accountancy body that handles delegated registration and licensing tasks for statutory auditors under CyPAOB's supervision. Not a regulator but the direct counterpart in the Delegation Agreement.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xlinkedin.com/company/cyprus-public-audit-oversight-board
• LinkedInlinkedin.com/company/cyprus-public-audit-oversight-board

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about CYPRUS PUBLIC AUDIT OVERSIGHT BOARD