Andreas Papadatos: “ICPAC’s 65-year legacy carries a responsibility for the next 65 years”

Business economy Andreas Papadatos: “ICPAC’s 65-year legacy carries a responsibility for the next 65 years” Ap7i6918 Relevant News Andreas Papadatos: “ICPAC’s 65-year legacy carries a responsibility for the next 65 years” 23 June 2026 Citizens’ daily ordeal on the roads 23 June 2026 The nation’s watchdogs 23 June 2026 Advertorial 23 June 2026 FacebookXWhatsAppEmailPrintViber The new General Manager of the Institute of Certified Public Accountants of Cyprus speaks to Forbes in his first interview The 65th anniversary of the Institute of Certified Public Accountants of Cyprus (ICPAC) comes at a pivotal moment for the accounting and audit profession. Artificial intelligence, increasingly demanding compliance frameworks, tax reforms, and a rapidly evolving global environment are reshaping the way professionals and businesses operate. Against this backdrop, Andreas Papadatos recently assumed the role of General Manager of ICPAC. In his first interview since taking office, and just days after the Institute’s milestone Annual General Meeting, he speaks to Forbes about the future of the profession, the challenges facing the Cypriot economy, and the role of an institution that has been at the heart of the country’s economic development for more than six decades. You assumed your duties as General Manager of ICPAC in May. What was your first impression of the Institute, and what are your key priorities? What stood out to me from day one was the level of trust and credibility that ICPAC has built over time. It is an institution with a meaningful presence in Cyprus’s economic and professional landscape and a respected voice on issues that shape both the economy and the broader business environment. At the same time, I am taking on this role at a time when the profession is evolving faster than ever. Technology is transforming the way we work, compliance requirements are becoming increasingly complex, and businesses are seeking greater expertise and added value from the professionals who advise them. My priorities reflect these realities: supporting our members in navigating change, strengthening professional development, embracing the opportunities created by technology, and ensuring that ICPAC continues to serve as a trusted partner for government, business, and society. You are taking over the leadership of ICPAC during a period of significant change for the profession. How do you approach this challenge? The profession is undergoing a profound transformation, yet I have the privilege of inheriting an institution with strong foundations, credibility, and a respected role within the business community. That achievement is the result of the collective efforts of many people over the years, as well as the significant contribution of Kyriacos Iordanou, who served ICPAC for more than 23 years and played a defining role in strengthening its influence and public standing. I would like to publicly express my gratitude for his longstanding contribution to both the Institute and the profession. Our challenge today is to build on that legacy while preparing ICPAC for the opportunities and demands of the next decade. Institutions with lasting impact are built through the efforts of successive generations. My ambition is to ensure that ICPAC continues to evolve, innovate, and remain at the forefront of developments shaping the future of the profession. ICPAC celebrated its 65th anniversary this year. What does this milestone represent? ICPAC has played a pivotal role in shaping the modern accounting and auditing profession in Cyprus. Throughout its history, it has invested in continuous professional education, regulatory oversight, ethics, and alignment with international standards. In recent years, the Institute has responded proactively to the growing demands of the global environment through specialised training, certifications, and quality assurance mechanisms covering AML, sanctions, and regulatory compliance. As we celebrate this anniversary, we recognise what has been achieved. More importantly, we look ahead. The people who established ICPAC in 1961 could not have imagined what Cyprus would look like 65 years later. Yet they made decisions that stood the test of time and helped build a profession founded on trust, credibility, and excellence. Today, it is our responsibility to make decisions that will stand the test of time for future generations. That is why I often say that ICPAC’s 65-year legacy carries a responsibility for the next 65 years. What was the key message of this year’s Annual General Meeting? The message was clear. The profession has every reason to approach the future with confidence. We are living through a period of unprecedented change. Technology is transforming business models, regulatory expectations continue to rise, and firms are operating in an increasingly complex environment. Yet change also creates opportunity. It opens the door to new services, new capabilities, and new ways of creating value for clients and businesses. The Annual General Meeting provided an opportunity to reflect on our achievements while engaging in an honest discussion about the challenges ahead. The takeaway was straightforward. Sustained investment in knowledge, quality, and people remains the profession’s strongest competitive advantage. Cyprus has faced international scrutiny in recent years regarding transparency and compliance. How different is the picture today? Significant progress has been made. The profession has invested heavily in training, technology, internal controls, and governance frameworks. Compliance is no longer viewed as a theoretical obligation or a box-ticking exercise. It has become an integral part of how professional firms and institutions operate and a fundamental component of their culture. In parallel, supervisory frameworks, quality assurance processes, and compliance requirements have been substantially strengthened. ICPAC has consistently invested in educating its members on AML, sanctions, and regulatory developments, while also enhancing professional oversight and quality assurance mechanisms. Of course, credibility and compliance are not destinations. They are ongoing commitments. Continuous improvement and adaptation are essential. However, when comparing the profession’s level of maturity today with where it stood only a few years ago, the progress is undeniable. Credibility is built through consistency, transparency, and long-term commitment, and I believe meaningful strides have been made in that direction. Requirements relating to AML, sanctions, ESG, and tax compliance continue to grow. How prepared is the profession to respond? The regulatory environment is becoming increasingly demanding, but the profession has demonstrated remarkable adaptability over the past several years. Significant investments have been made in technology, talent, and specialised expertise. What is required now is a mindset of continuous learning and constant improvement. Change no longer arrives every decade. It is continuous and accelerating. The professionals who will thrive in the years ahead will not necessarily be those with the largest resources, but those who continue investing in knowledge, adapt quickly, and view evolving requirements as opportunities to enhance the value they provide. What do you see as the greatest opportunities and the most significant risks for the Cypriot economy over the next five years? The Cypriot economy is at an important crossroads, with significant opportunities for growth alongside challenges that require strategic thinking and timely adaptation. The greatest opportunities lie in technology, innovation, and the attraction of high-quality investment. In recent years, Cyprus has successfully attracted companies and investors operating in high-value sectors, creating jobs, transferring expertise, and broadening the country’s economic base. Equally important is Cyprus’s human capital. The country benefits from highly skilled professionals, a strong entrepreneurial culture, and deep expertise in professional and financial services. If we continue investing in education, knowledge, and digital skills, we can further strengthen our international competitiveness. At the same time, geopolitical uncertainty, changes in the international tax and regulatory landscape, and growing competition for investment require constant vigilance and adaptability. If there is one lesson from the Cypriot economy’s performance over the past quarter-century, it is that the country performs best when it invests in quality, adapts early to change, and capitalises on emerging opportunities. The challenge now is to convert today’s momentum into a sustainable competitive advantage through reform, innovation, and continued investment in people. After more than 25 years in the profession, what motivated you to take on the leadership of ICPAC at this stage of your career? After more than 25 years in the profession, I felt it was the right moment to take on a role with broader responsibility and a wider impact on both the profession and the economy. ICPAC offered me the opportunity to apply the experience I have gained throughout my career within an institution that plays an important role in shaping Cyprus’s professional, business, and economic landscape. The profession has played a defining role in my own journey, and I felt that I had reached a stage where I could give something back to an institution that has contributed so much to its members and to the country more broadly. As your career progresses, your understanding of responsibility and contribution evolves. The opportunity to serve an institution representing thousands of professionals and to contribute to issues that affect not only the profession but also the wider economy was the decisive factor in my decision. How is artificial intelligence changing the accounting and auditing profession? A few years ago, discussions focused largely on automation. Today, we are talking about tools capable of analysing vast volumes of data in real time and generating insights that previously required significantly greater resources and effort. This is already transforming the way accounting, and audit firms operate, and its impact will only grow stronger in the years ahead. What technology cannot replace, however, is professional judgement, experience, and accountability. A tool may identify a trend or detect an anomaly, but it cannot fully understand the business context, exercise professional judgement, or assume responsibility for an opinion or recommendation. That is why I believe the future will not necessarily belong to the largest organisations. It will belong to those who learn faster, adapt more effectively, and harness technology in the smartest way. What skills will define the accountant of 2030? Technical expertise will remain essential, but it will no longer be enough on its own. Professionals will need digital fluency, business acumen, analytical thinking, strong communication skills, and, above all, adaptability. In a world where information is increasingly accessible, real value will come from the ability to interpret that information, apply sound judgment, and translate insights into better decisions. The professionals who stand out will be those who successfully combine expertise, technology, and judgement. What is your vision for ICPAC in 2030? I would like to see an ICPAC that is even more outward-looking, more connected to its members, and more active in shaping public dialogue around the economy, entrepreneurship, and the profession. An institution that continues to invest in knowledge, quality, and professional development. An institution that remains a benchmark for credibility and professional excellence while staying agile enough to adapt to changing market conditions and emerging needs. Above all, I would like to see an ICPAC that has played a meaningful role in preparing the next generation of professionals for the future. What personal principle would you like to define your tenure? Throughout my career, I have had the privilege of working alongside many successful individuals. If there is one characteristic they all shared, it was not that they knew everything. It was that they never stopped learning. I believe the same principle applies to institutions. ICPAC’s 65-year journey is a source of pride, but it is also a reminder that no success is permanent, and no institution can rely solely on its past achievements. Every generation is called upon to contribute its own chapter to the story. Our responsibility is to prepare the profession for a world that is changing faster than ever before and to ensure that ICPAC continues to serve as a benchmark for trust, quality, and professional excellence for decades to come. 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