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ICAEW and ICPAC Host Annual Forum on the Future of the Accountancy Profession

ICAEW and ICPAC Host Annual Forum on the Future of the Accountancy Profession

Leaders of the accountancy and finance profession gathered in Nicosia, Cyprus for the fifth Accountancy Profession Strategic Forum (APSF) 2017 on Thursday 4 May. The annual meeting was organised by ICAEW in cooperation with the Institute of Certified Public Accountants of Cyprus (ICPAC) and attended by professional accountancy organisations (PAOs) from Central, Eastern and Southern Europe.

The APSF was initially conceived by ICAEW in 2012 following discussions with a number of the professional accountancy organisations in attendance this year. It aims to enable the member bodies to identify common challenges, share experiences and strategic thinking, and cooperate through working group and network initiatives. The roundtable format is designed specifically to encourage active engagement by all participants.  The APSF is co-organised each year with a partner PAO.

Martin Manuzi, Regional Director for Europe said: “The format of the APSF means participants are empowered to have meaningful and open discussions. This makes it a valuable opportunity for leading bodies to learn from each other and ensure the profession remains current and relevant in today’s  economies. The presence of PAO representatives from throughout Europe enables rich debate and a wide variety of views and insights.”

APSF 2017 was opened by ICPAC President, Demetris Vakis, ICAEW Chief Executive, Michael Izza and Andreas Zachariades, Deputy Accountant General, Treasury of the Republic of Cyprus and Vice-Chairman of the Cyprus Public Audit Oversight Board. Networking opportunities and discussion sessions took place throughout the day, which tackled subjects such as ‘strategies following EU audit reform implementation’ and ‘technology: what can and should Professional Accountancy Organisations do for their members?’

The roundtable format is designed specifically to encourage active engagement by all participants. 

The forum closed with an opportunity to discuss final views on the key topics and insights heard in the discussions, and on potential APSF priorities for the future.   A formal dinner was later held at the Presidential Palace in Nicosia which Harris Georgiades, Minister of Finance addressed

Following the APSF, a Memorandum of Understanding (MoU) was also signed on Friday 5 May between ICAEW and ICPAC. The agreement continues the successful cooperation between the two professional bodies for the advancement of accounting knowledge and professional and intellectual development. The MoU will formalise the process by which  members gain membership of the other professional body and  gain practice and statutory audit rights in the partner country, providing they complete the professional and regulatory requirements.

Michael Izza, said: “We are delighted to be signing this MOU with ICPAC, and are confident that the agreement will bring value to members of both professional bodies, and the profession. Our partnership  helps the advancement of accountancy as we continue to work together, learn from each other and support our members.”

 

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