Chartered accountants play a crucial role in steering a company through what is currently a turbulent economic landscape with high inflation and falling GDP, all while setting sustainable strategies to reduce carbon output. To strengthen and expand this effort, ICAEW’s President Julia Penny signed a Memorandum of Understanding (MoU) with Institute of Certified Public Accountants of Cyprus (ICPAC) President Pieris Markou on Monday 6 February 2023.

The MoU will bring the bodies together to deliver co-branded versions of ICAEW IFRS and ISA certificate learning and assessment programmes and the ICAEW Sustainability Certificate, providing continued learning opportunities to chartered accountants as well as the business community.

ICAEW’s Penny says: “This is an exciting development and I am pleased that ICAEW and ICPAC have united resources to support professionals working across the economy so they can better address the challenges businesses face. The transition to sustainable economies is a key priority and the ICAEW sustainability certificate will help accountants enhance their skillset to lead businesses to net zero.”

“We are delighted to work together with ICAEW in delivering these continuing professional development certificates to the market, ensuring professionals in Cyprus remain at the top of their game in international markets,” says Markou. “As investors, policymakers and regulators look for a transition to a green economy, our members need to be ready to lead strategies to these outcomes.”

ICAEW’s IFRS certificate learning and assessment programme provides a comprehensive overview of international standards in the private sector. It is designed for anyone who is involved with the preparation and use of financial statements or who needs to develop or refresh their knowledge of IFRS. It will help those involved understand IFRS principles, concepts and knowledge in a commercial setting; assess the standards’ commercial impact on business; and make informed business decisions.

The ICAEW ISA learning and assessment programme is suitable for anyone who needs to understand the principles of the ISAs, including finance professionals, audit staff, university students, academics and audit committee members. Completion of the programme will give individuals the confidence to act decisively and respond effectively to clients’ and stakeholders’ needs.

Meanwhile, ICAEW’s Sustainability Certificate equips accountants and other finance professionals with the practical knowledge and skills to integrate sustainability reporting into their organisations. After completion of the online certificate, finance professionals will be able to confidently partner with sustainability experts to identify climate-related risks and incorporate performance and financial metrics into their risk management, financial planning and analysis, and environmental, social and governance/sustainability reporting.

ICPAC is also the responsible supervisory body for anti-money laundering in Cyprus and has recently been raising awareness on how chartered accountants can help combat human trafficking. Chartered accountants play a huge role in helping to root out criminal funds.