The Institute's principal objectives include the provision of an organizational framework for all professional accountants, the support and the promotion of the activities and interests of the accountancy profession, the safeguarding of the reputation of the profession and adherence to the Code of Ethics by all its members, as well as the continuous professional development and updating of the members on issues relevant to accounting, auditing and other business matters.
The Institute is the only recognized by the Council of Ministers body of accountants in Cyprus and the only recognized body of auditors pursuant to article 113 of the Auditors Law of 2017 (L.53(I)/2017).
ICPAC is a competent authority for the licensing and monitoring of its members under the Law Regulating Companies Providing Administrative Services and Related Matters of 2012.
In addition, ICPAC is the competent authority responsible to monitor its members pursuant to the Prevention and Suppression of Money Laundering Activities Law of 2007.
Furthermore, ICPAC is a competent authority under the Insolvency Practitioner Law responsible for the licensing, regulation and monitoring of its members providing Insolvency Services.
The Institute also provides its members with technical support and training for issues relevant to their professional activities.