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The Disciplinary Committee of the Institute of Certified Public Accountants of Cyprus (ICPAC), following a hearing, found the defendants guilty of violating Article 3(ΣΤ) and 3(3)(Θ) of Regulation 2.800 and Regulation 3.100 of the ICPAC’s Members Handbook.
The following penalties were imposed on Defendant nr.1:
-For Charge 1: Suspension of the professional practice certificate for six months.
-For Charge 2: Suspension of professional practice for six months.
-For Charges 3,4,5,6,7,8 and 9: No penalty was imposed as these charges are covered by Charges 1 and 2.
-For Charge 10: Suspension of the professional practice certificate for six months.
-For Charge 11: Suspension of the professional practice certificate for six months.
The penalties for Charges 1 and 2 are to be concurrent.
The penalties for Charges 10 and 11 are to be concurrent but consecutive to the penalties for Charges 1 and 2.
The following penalty was imposed on Defendant nr.2, the Company:
-Withdrawal of the professional practice certificate.
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