The Institute's principal objectives include the provision of an organisational 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 recognised by the Council of Ministers body of accountants in Cyprus and the competent authority for the licensing of statutory auditors and audit firms. The Institute is also a competent authority for the exercise of other activities as provided by relevant laws and by powers assigned to it by the Council of Ministers, a Minister or other authority.
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.