Accountants in Cyprus updated by ACCA about regulations following the UK EU trade deal

Following the recent announcement of the new EU-UK Trade and Cooperation Agreement (UK –EU TCA), ACCA (the Association of Chartered Certified Accountants) and the Institute of Certified Public Accountants of Cyprus (ICPAC) have issued an update for their members operating across Europe to explain what it means for the accountancy profession.

In Cyprus, ACCA has operated for 15 years a Joint Examination Scheme (JES) with The Institute of Certified Public Accountants of Cyprus (ICPAC). This has received the recognition of the Cyprus Public Oversight Board (CyPAOB), the competent Republic of Cyprus Authority, on the basis of the specific JES characteristics, a recognition which is not impacted by TCA rules.

This means that JES Students who have successfully completed the JES and qualify, under the Laws of the Republic of Cyprus, may continue to qualify as members of ICPAC, the only recognised by Law Body of Auditors in the Republic of Cyprus, to enjoy the existing access to regulated roles – such as audit – in the Republic of Cyprus, whilst also being ACCA members.

 Abdul Goffar, ACCA’s Director – Western Europe and Americas comments: ‘This also means that JES members will continue to have access to the statutory auditor role in the UK through meeting the standard ACCA requirements. Our Brexit hub includes updates and guidance on this key agreement, and ACCA will continue to monitor the situation closely as more negotiations take place.’

A main change which accountants and other professionals needs to be aware of are the new rules about the recognition of professional qualifications for movement of regulated professionals.

Abdul Goffar explains: ‘As a result of the UK leaving the EU, it means that there will no longer be the mutual recognition system between the UK and EEA for the recognition of professional qualifications of regulated professionals wishing to move countries. However, the TCA provides a framework for the creation of future mutual recognition agreements between the EU and the UK for regulated professions. ACCA has strong and robust MRAs around the world, which are reviewed regularly, and we will work with our MRA partners to ensure this remains the case.’

For those UK regulated accountants who wish to gain access to regulated accountancy roles in an EEA country, and EEA regulated accounting professionals who wish to gain access to regulated accountancy roles in the UK, ACCA advises accountants and finance professionals to check with the competent authority of the regulated profession in the country they wish to access.

Speaking about the relevance of the ACCA Qualification, Abdul Goffar clarifies: ‘Importantly, our Qualification continues to be relevant on the global stage and relevant to the regulatory regime for statutory audit and accountancy in the EU and the UK. It is benchmarked at Masters degree level on qualification frameworks in the UK, the EU at Level 7 on the European Qualifications Framework EQF, and around the world. The ACCA Qualification is, and continues to be, recognised nationally within the UK and Ireland and a number of EEA states for Statutory Audit and Regulated Accountancy roles as well as for access to local accountancy bodies and titles.’

Further details about the deal and issues relating to requirements for a statutory audit license are included in https://www.accaglobal.com/gb/en.html