Established in 1961, The Institute of Certified Public Accountants of Cyprus (ICPAC) is the competent authority for regulating the accounting profession in Cyprus and the sole recognised body of auditors by the State. ICPAC houses all professional accountants, supports and promotes the activities and interests of the accountancy profession, safeguards the reputation of the profession and adherence to the Code of Ethics, as well as provides for the continuous professional development and updating of members. In addition, ICPAC is also competent authority under the Anti-Money Laundering Law, the laws on the Regulation of Enterprises Providing Administrative Services and the Insolvency Practitioners Law. ICPAC currently has more than 5.000 professional accountants as members and 4.000 students.