The Institute of Certified Public Accountants of Cyprus (ICPAC) is the relevant authority for the accountancy profession in Cyprus. Established in 1961, ICPAC currently has more than 5.000 professional accountants as members and another 3,500 students and graduates. Its principal objectives include the provision of an organisational framework for all professional accountants, the support and the promotion of the activities and interests of the accountancy profession, safeguarding the reputation of the profession and adherence to the Code of Ethics by all its members, as well as the continuous professional development and updating of members on issues relevant to accounting, auditing and other business matters. In addition to the above, ICPAC has been delegated the task to regulate the audit profession and is also a competent authority under the Anti-Money Laundering laws, the Laws on the regulation of enterprises providing administrative services and the Insolvency Practitioners Law. The Institute is a key stakeholder in the economy of the country, playing a vital role to establish and maintain Cyprus as an international business centre of repute. It provides assistance to the Government and its departments, as well as cooperates harmoniously with other bodies in the private sector. Furthermore, ICPAC cooperates via a network of international accountancy and other professional bodies.