The Institute of Certified Public Accountants of Cyprus (ICPAC), a body supervising accounting firms, said that its new board of directors held its first meeting on Thursday, a day after its annual general meeting.
Chairman Marios Skandalis, the head of compliance of Bank of Cyprus, and vice–chairman Stavros Pantzaris, a managing partner of accounting firm Ernst & Young (EY), remained in their positions, ICPAC said in an emailed statement on Friday.
The members of ICPAC elected three new members in the board, the group said. The new members are Gabriel Onisiforou of EY, Petros Petrakis of PwC and Savvas Poyiadjis of Fidescorp, a Nicosia-based corporate services provider.
Maria Pastellopoullou of the Pastellopoulou & Karlettides accounting firm in Nicosia remained in her position as secretary of ICPAC, the accountants’ supervisor said.
The remaining members of the board are Nicos Chimarides of PwC, Odysseas Christodoulou who teaches finance and accounting at Globaltraining, Deloitte’s Pieris Markou, Demetris Vakis and Christos Vassiliou of KPMG, Kyriacos (Karlos) Zangopoulos of BDO, Demetris Taxitaris of Symmetria and Spyros Spyrou of the state-sponsored Human Resource Authority.
Skandalis said in his speech at the annual general meeting on Wednesday that the economy requires the drafting of a flexible and realisable ‘big masterplan’ with a long-term horizon.
He also said that in tackling non-performing loans, the state has to revise the insolvency framework and overhaul judicial procedures.