The ICPAC was established in 1961 in accordance with the provisions of the Companies Law, Cap. 113. ICPAC membership is comprised of practicing and non-practicing accountancy professionals. Practicing professionals are accountants and auditors in public practice who possess a practicing certificate and provide accounting, audit, tax, consulting, company administration services, insolvency and other services. Non-practicing accountancy professionals work in the public and private sectors and are not required. In accordance to the Law, all statutory auditors and audit firms must be registered with a Recognised Body of Auditors (RBA). As of the date of the assessment, ICPAC is the only RBA in Cyprus. ICPAC, as an RBA, was delegated the following duties: (i) application of technical standards and of other standards on professional ethics and internal quality control of registered auditors and statutory audit work, including provision for securing compliance with those standards; (ii) establishing and maintaining the public register of auditors and audit firms; (iii) registration of individuals or firms satisfying the criteria of the Auditors Law of 2017; (iv) implementing procedures for maintaining the competence of registered auditors; (v) monitoring of registered auditors and audit work; and (vi) implementing an investigative and disciplinary (I&D) system for accountants, accounting firms, and students whereas the CyPAOA is responsible for the implementation of an I&D system for all statutory auditors and audit firms. In addition to being a member of IFAC, ICPAC is a member of Accountancy Europe and the Mediterranean Federation of Accountants.