The Institute of Certified Public Accountants of Cyprus

What The Institute of Certified Public Accountants of Cyprus does

The Institute of Certified Public Accountants of Cyprus (ICPAC, Σύνδεσμος Εγκεκριμένων Λογιστών Κύπρου / ΣΕΛΚ) is the sole statutory regulatory and professional membership body for accountants, statutory auditors, administrative service providers, and insolvency consultants in Cyprus. Founded on 4 April 1961 with 21 members, ICPAC has grown to approximately 3,500 members and operates under a statutory mandate granted by Law 76(I)/2001 (effective February 2002) and the Auditors Law 2017 (N.53(I)/2017). The Institute licenses and supervises 1,389+ individual accountants, 1,118 statutory auditors, 781 audit firms, 313 administrative services companies, and 86 insolvency consultants. In 2026, ICPAC was further designated as the Financial Reporting Standard-setting authority for Small Entities under the Financial Information Standards Determination Law.

ICPAC's core technology assets include a blockchain-based Certificate Validator that anchors PDF fingerprints for decentralized document verification, the ICPAC Data Portal (Regtek) for regulatory compliance submissions, and a computer-based AML/CFT Certification Exam System. It is the sole administrator of the ACCA Common Exam Scheme in Cyprus with over 2,800 enrolled students, runs mandatory Continuous Professional Development compliant with IFAC's IES 7 standard, publishes the quarterly Accountancy Cyprus magazine, and operates the ICPAC CFO Society. Technical support to members is delivered through subcontracted arrangements with KPMG Cyprus (tax/VAT) and PwC Cyprus (IFRS/ISA).

The business model is a multi-stream nonprofit membership model funded by annual membership fees from ~3,500 members, examination and certification fees (aptitude tests, AML/CFT certification at €300 per attempt, ACCA exam administration), seminar and CPD event revenue, and publication subscriptions. Distribution is direct via the Nicosia headquarters, regional coordination committees, online self-service portals, and partner-delivered services. The organization is governed by a 15-member Council and employs approximately 25 professional and administrative staff.

Name

The Institute of Certified Public Accountants of Cyprus

Legal name

The Institute of Certified Public Accountants of Cyprus

Website

https://icpac.org.cy

Company type

Private

Founded year

1961

Operating status

Operating

Headcount range

11–50 employees

Short description

The Institute of Certified Public Accountants of Cyprus (ICPAC) is the sole statutory regulatory body for accountants, statutory auditors, administrative service providers, and insolvency consultants in Cyprus, licensing approximately 3,500 members and administering the ACCA Common Exam Scheme to over 2,800 students.

Ownership category

akta.pro rank

Product category

Professional Accounting Regulation

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615), Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (926150), Executive, Legislative, and Other General Government Support (9211), Public Finance Activities (92113)

akta.pro industry

PRIMARYEDAAANAD

Finance, Accounting & Risk (CFA/CPA/FRM) Certifications

Education/Adult & Continuing Education/Professional Certification Programs

SECONDARYEDADACAB

National/Institutional Accreditors (Career, Faith-Based, Distance, etc.)

Education/Education Administration, Accreditation & Policy/Accreditation Bodies (Institutional & Programmatic)

SECONDARYEDADACAJ

Accreditation Standards, Benchmarking & Framework Organizations

Education/Education Administration, Accreditation & Policy/Accreditation Bodies (Institutional & Programmatic)

SECONDARYBPAIAOAC

Standards, Metrology & Accreditation Bodies

Business & Public Services/Public Sector & Government Administration/Regulatory Agencies & Licensing (Cross-sector)

SECONDARYBPAIAEAD

Government Accounting & Financial Reporting

Business & Public Services/Public Sector & Government Administration/Public Finance, Treasury & Procurement

SECONDARYEDADAKAB

Academic Affairs Administration (Curriculum, Scheduling, Academic Policy)

Education/Education Administration, Accreditation & Policy/Institutional Governance & Administration (School/College/University Admin)

Keywords

• Professional accounting body
• Statutory audit regulation
• Continuing professional development
• Accounting certification exams
• Professional membership licensing

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, Marketing or Sales, Others

Revenue model

1. Membership Fees: Annual membership fees charged to approximately 3,500 members including certified public accountants, statutory auditors, and administrative service providers. Members pay reduced fees for Institute seminars.
2. Examination and Certification Fees: Fees for aptitude test examinations (held twice yearly in June and December), AML/CFT certification exams (€300 per attempt), and ICPAC/ICAEW learning and assessment programmes. Revenue from licensing and certification of members and firms.
3. Seminars and Continuing Professional Development: Revenue from educational seminars and CPD events for members. Subscribers to Accountancy Cyprus magazine receive discounted seminar rates.
4. Publications and Technical Resources: Revenue from the quarterly magazine 'Accountancy Cyprus' and sale of technical publications, guides, and regulatory documents to members and the public.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels9 records

Core offering

The Institute of Certified Public Accountants of Cyprus (ICPAC/ΣΕΛΚ) regulates and supervises the accounting, auditing, administrative services, and insolvency professions in Cyprus under Law 76(I)/2001. It delivers professional licensing, statutory auditor certification, aptitude and ACCA examinations, continuing professional development (CPD), technical guidance, the Accountancy Cyprus magazine, the ICPAC CFO Society, and the Mentor Programme to its approximately 3,500 members and the wider public.

Product overview

The Institute of Certified Public Accountants of Cyprus (ICPAC/ΣΕΛΚ) operates primarily as a professional accounting association rather than a software product company. Its digital offerings include a blockchain-based Certificate Validator for authenticating digital certificates, an ICPAC Data Portal for regulatory compliance, and an Online Member Portal for member services. The organization also provides professional development through Seminars, a CPD program, and the ICPAC CFO Society. Publications include Accountancy Cyprus Magazine (quarterly). Educational offerings comprise ACCA Common Examination Plan, Aptitude Test Examinations, and an AML/CFT Certification program. The Russian Sanctions Hub provides sanctions compliance resources. These services function as member-facing platforms rather than a unified SaaS product architecture.

Differentiator

Problem solved

Functional benefit

Brands

• Accountancy Cyprus: A quarterly magazine published by ICPAC for its members.
• CFO Society of Cyprus

Products and services

• ICPAC Membership and Statutory Licensing Statutory membership and practising certificates granted to qualified individuals enabling them to legally practise as certified public accountants, statutory auditors, administrative services providers, or insolvency practitioners in Cyprus.
• Certificate Validator (Blockchain-Based) Online tool that enables third parties (employers, regulators, clients) to verify the authenticity of ICPAC-issued certificates using blockchain technology.
• Aptitude Test Examinations Statutory entry examinations administered by ICPAC that candidates must pass to progress toward CPA qualification and ICPAC membership.
• ACCA Common Examination Plan Examination programme delivered in partnership with ACCA enabling candidates in Cyprus to obtain internationally recognised accounting qualifications.
• AML/CFT Certification Examination Certification examination for compliance professionals working in anti-money-laundering and counter-terrorist-financing roles in Cyprus.
• Continuing Professional Development (CPD) Programme Structured ongoing training programme required of ICPAC members each year to maintain their professional competence and licence.
• Seminars and Educational Events Paid in-person and hybrid seminars, workshops, and conferences delivering technical and regulatory training to ICPAC members and the broader Cypriot accounting profession.
• Accountancy Cyprus Magazine Official periodical publication of ICPAC providing technical updates, regulatory news, and professional commentary to members and subscribers.
• ICPAC Data Portal Public-facing data portal providing regulatory and statistical information about ICPAC-registered firms and professionals in Cyprus.
• ICPAC CFO Society Specialist society for serving Chief Financial Officers, providing networking and targeted content as a paid membership community within ICPAC.

Quantifiable outcome

• Regulates and supervises approximately 3,500 members including 1,389 accountants, 1,118 statutory auditors, 781 audit firms, 313 administrative service companies, and 86 insolvency consultants.
• +1 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

13 partnerships are on record, tiered strategic, core and minor.

• Cyprus Banks Association (Σύνδεσμος Τραπεζών Κύπρου)strategicStrategic or Co-development Partner · 4 September 2020ICPAC signed a Memorandum of Understanding and Cooperation with the Cyprus Banks Association on 4 September 2020, formalizing collaboration on professional standards and banking sector compliance matters.
• Institute of Internal Auditors Cyprus (Σύνδεσμος Εσωτερικών Ελεγκτών Κύπρου)strategicStrategic or Co-development Partner · 26 June 2020ICPAC signed a Cooperation Protocol with the Institute of Internal Auditors Cyprus on 26 June 2020, establishing joint initiatives for professional development and standards in internal auditing.
• Association of Chartered Certified Accountants (ACCA)coreStrategic or Co-development Partner · 1 January 2004ICPAC signed an agreement with ACCA (UK) for a Common Exam Scheme — one of the most significant partnerships in the Institute's history. ICPAC administers ACCA examinations in Cyprus and over 2,800 students are enrolled. Additionally, since 2004, ICPAC has been authorized to conduct quality assurance reviews of accounting firms under an ACCA framework.
• Accountancy Europe (FEE)coreStrategic or Co-development PartnerICPAC is a member of Accountancy Europe (formerly FEE — Federation of European Accountants), representing the Cypriot accounting profession at the European level and contributing to the development of European accounting and auditing standards.
• International Federation of Accountants (IFAC)coreStrategic or Co-development PartnerICPAC is a member of IFAC, the global organization for the accounting profession. ICPAC's CPD program complies with IFAC's International Education Standard 7 on Continuing Professional Development.
• Institute of Chartered Accountants in England and Wales (ICAEW)coreStrategic or Co-development PartnerICPAC maintains close relations and cooperation with ICAEW. ICPAC offers ICPAC/ICAEW IFRS and ISA Learning and Assessment programmes for members.
• Cyprus Public Oversight Audit Board (CyPAOB / Αρχή Δημόσιας Εποπτείας Ελεγκτικού Επαγγέλματος)coreStrategic or Co-development PartnerICPAC operates under a Delegation Agreement with CyPAOB since 2020 (Delegation Agreement 2020), under which ICPAC is responsible for licensing and supervising statutory auditors and audit firms in Cyprus on behalf of the public oversight body, pursuant to the Auditors Law 2017 (N.53(I)/2017).
• KPMG CypruscoreImplementation/ SI/ Consulting PartnerKPMG Cyprus serves as ICPAC's designated subcontractor for providing tax and VAT technical support to members. Communication is managed exclusively via email through [email protected].
• PwC CypruscoreImplementation/ SI/ Consulting PartnerPwC Cyprus serves as ICPAC's designated subcontractor for providing technical support on International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA). Communication is managed exclusively via [email protected].
• Mediterranean Federation of Accountants (FCM)minorStrategic or Co-development PartnerICPAC is a member of the Mediterranean Federation of Accountants (FCM), a regional professional network of accounting bodies in the Mediterranean region.
• International Fiscal Association (IFA)minorStrategic or Co-development PartnerICPAC is a member of the International Fiscal Association (IFA), contributing to international tax policy discussions and professional development.
• European Financial Reporting Advisory Group (EFRAG)minorStrategic or Co-development PartnerICPAC maintains relations with EFRAG, contributing to the development of European financial reporting standards.
• Association of International Accountants (AIA)minorChannel Partner/ Reseller/ DistributorICPAC maintains a relationship with AIA for mutual recognition and professional development pathways for members.

Scale indicators10 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Association of Chartered Certified Accountants (ACCA): Global professional body for certified accountants with 250,000+ members and 500,000+ students. Direct peer because ICPAC administers the ACCA Common Exam Scheme in Cyprus; ACCA is ICPAC's most significant exam partnership and a co-branded qualification pathway for the same Cypriot accountants.
• American Institute of Certified Public Accountants (AICPA): The US national CPA membership body representing 400,000+ CPAs globally. Directly comparable as a chartered accounting institute that licenses CPAs, sets professional standards, administers CPD, and offers CPA-branded certification — operating under a similar professional-body model to ICPAC.
• Institute of Chartered Accountants of Scotland (ICAS): Scottish chartered accountancy body chartered in 1854. Direct peer as one of the UK's three chartered accountancy institutes, licensing CA members, conducting audit quality reviews, and offering CPD programmes under the same professional-body model ICPAC operates in Cyprus.
• Chartered Accountants Ireland: Irish chartered accountancy body with 30,000+ members, historically sharing a common professional heritage with UK bodies. Comparable as a national chartered accountancy institute operating under statutory recognition for audit licensing, member CPD, and quality assurance — analogous to ICPAC's mandate in Cyprus.
• CPA Australia: Australian accounting body with 170,000+ members across Australia and Asia-Pacific. Direct peer as a national CPA professional body offering the CPA designation, mandatory CPD, member licensing, and exam pathways — structurally analogous to ICPAC's CPA designation in Cyprus.
• Institute of Chartered Accountants in England and Wales (ICAEW): UK chartered accountancy body with 200,000+ members worldwide. ICPAC offers joint ICAEW IFRS and ISA Learning and Assessment programmes; both bodies license professional accountants and audit firms under parallel national statutory frameworks.

Emerging players

• South African Institute of Chartered Accountants (SAICA): South African chartered accountancy body with 50,000+ members. Comparable as an IFAC member institute that administers the CA(SA) designation, sets professional standards, and regulates audit firms — operating a similar statutory mandate to ICPAC but in a larger and more developed market.

Others

• International Federation of Accountants (IFAC): Global umbrella organization of national accounting bodies. Included as a thematic peer because ICPAC is a member and ICPAC's CPD programme is built to IFAC's IES 7 standard — IFAC is the apex body to which ICPAC reports and aligns its professional frameworks.

Regional players

• Institute of Chartered Accountants of Malta: Small EU-based chartered accountancy body. Regional peer to ICPAC given similar size, Cyprus–Malta financial sector overlap, and parallel role as the sole statutory regulator of the accountancy profession in Malta.
• Institute of Certified Public Accountants of Greece (ΣΟΛ / SOEL): Greek CPA body representing the accounting profession in Greece. Regional peer to ICPAC given shared Mediterranean/EU regulatory environment, IFAC and Accountancy Europe co-membership, and parallel statutory mandate under EU audit directive harmonization — though it operates in a much larger domestic market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

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Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about The Institute of Certified Public Accountants of Cyprus