The Role of the Technical & Professional Matters Department of ICPAC
The Technical & Professional Matters Department contributes to safeguarding the quality, integrity, and ongoing development of the accounting and auditing profession in Cyprus.
Its work includes, among other duties:
- reviewing legislation that affects the profession,
- providing technical guidance to members in the form of technical circulars and technical alerts,
- coordinating ICPAC’s technical committees and working groups,
- liaising with regulatory authorities, government ministries, and other external stakeholders, and
- supporting professional development through seminars, events, and technical resources.
The department consists of:
- Eleni Ashioti, Head of the Technical & Professional Matters Department
- Dimitra Apostolaki, Technical & Professional Matters Officer
ICPAC is represented internationally through the work of the Technical & Professional Matters Department, which participates on ICPAC’s behalf in major professional bodies and working groups, including the International Federation of Accountants (IFAC) Council, the IFAC Small and Medium-Sized Practices Advisory Group (SMPAG), Accountancy Europe, the Edinburgh Group, and various other policy groups in the areas of audit, reporting, and sustainability.
Key accomplishments of the department include the development of the Financial Reporting Standard for Small Entities (FRS for SEs), for which ICPAC is designated by Law as the competent authority for the setting and development of the Standard, with final approval granted by the Minister of Finance. The department also introduced the option of a review engagement in lieu of a statutory audit when certain criteria are met.