September 27, 2011, 11:29 am
Accountants in Cyprus are members of the Institute of Certified Public Accountants of Cyprus. This body regulates the profession of an accountant in Cyprus, but at the same time it supports and promotes their professional interests, as well as their reputation. The institute also supervises the accountants in Cyprus in terms of activities and ethics, according to the Code of Conduct established by the same body. Since the Companies Law states that all companies that are incorporated in Cyprus must prepare every year financial reports, Cyprus accountants with the role of licensed auditors qualified to perform statutory audits must prepare and submit these reports to the Inland Revenue.
There are several types of accountants in Cyprus and each type has different requirements for candidates. For instance, chartered accountants in Cyprus are usually scholars employed by companies and they are able to deal with financial services and banking, as well as financial work in business and commerce. Management accountants in Cyprus are situated higher on the professional hierarchy and they must be members of the Chartered Institute of Management Accountants. Certified accountants in Cyprus can obtain a qualification if they are over 16 years old. If they hold a diploma for a Certified Accountancy Technician, they can also apply for a post-graduate diploma in Financial Management in order to become specialists in accounting and finance. Qualified Certified Accountants in Cyprus must also register with the Association of Chartered Certified Accountants. Accounting technicians describe Cyprus accountants with no qualification.
Accountants in Cyprus must measure the profit and loss of a company on a regular basis. Their responsibility is to evaluate the company’s financial situation monthly or annually and to publish their conclusions in a statement called an income statement. In addition to that, accountants in Cyprus must deal with bookkeeping and organising records of all transactions and bills. A Cyprus accountant must also keep an evidence of all financial transactions that took place between the company and a third party. Nevertheless, an accountant in Cyprus must prepare financial statements that summarise the company’s assets.