ICPAC: Prospects of the accounting profession at the centre of workshop at CUT

Business ICPAC: Prospects of the accounting profession at the centre of workshop at CUT Myria 1 Relevant News ICPAC: Prospects of the accounting profession at the centre of workshop at CUT 9 September 2026 Not even a tent, soon enough 9 September 2026 Attila cries foul: Turkey’s sudden case of hurt feelings 9 September 2026 newsroom 9 September 2026 FacebookXWhatsAppEmailPrintViber Career choices in the world of financial services and the modern role of the professional accountant were at the centre of an interactive presentation by ICPAC, held as part of the Summer Workshop on Economics and Entrepreneurship. The workshop was organised by the Association of Economics Teachers of Cyprus, in cooperation with the School of Tourism, Hospitality and Entrepreneurship Management of the Cyprus University of Technology, with the aim of informing school students about issues relating to economics, entrepreneurship and career guidance. On behalf of ICPAC, the presentation was delivered by Myria Saparilla, Vice-President of ICPAC’s Limassol – Paphos Coordinating Committee and Partner at Ernst & Young Cyprus. Information on the accounting profession The purpose of the presentation was to inform students about the accounting profession and the broader range of professional prospects it offers, both in Cyprus and abroad. According to the content of the presentation, the choice of studies and career path is one of the most important decisions for every young person, as it is linked to fundamental questions about the future, personal aspirations and professional prospects. In this context, students were invited to reflect on what they seek in their professional path, including: recognition, a comfortable life, travel, financial security, networking, acknowledgement, work-life balance, prospects, an international career, stable employment, flexibility. Correspondingly, reference was also made to the characteristics a young person seeks from a future employer, such as appreciation, training, trust, participation, opportunities, fairness, advancement, salary, working hours, teamwork, flexibility and the working environment. Criteria for choosing studies The presentation stressed that the choice of studies should not be made in a fragmented manner but based on specific criteria. Students were invited to consider: whether they truly like the subject, whether the field is in demand, whether they will study in Cyprus or abroad, what the cost and duration of the studies will be, what recognition the qualification carries, what professional prospects open after the completion of studies. The modern role of the accountant Emphasis was placed on the need to dismantle the stereotypical image that the accountant deals exclusively with numbers and entries. As noted, the modern professional accountant is at the centre of financial information, business analysis, compliance, strategy and decision-making. Accounting, among other things: records income, receipts, expenses and expenditure, shows whether a business has a profit or a loss, reflects the assets and liabilities of a business, calculates the cost of products and services, contributes to determining selling prices, forecasts future cash needs, records who owe money to the business and to whom the business itself owes money, organises operational management, contributes to business decision-making. At the centre, as noted, lies the crucial question of whether a business has sufficient resources to implement its objectives. Who can become professional accountants The presentation highlighted that the accounting profession is not addressed only to people with a purely financial background. Anyone who has interest, consistency and a willingness to be trained can become a professional accountant. The profession can attract, among others: mathematicians, statisticians, bankers, financial advisers, IT specialists, engineers, economists, professionals from other sectors. To enter the profession, an interested person may be accepted as an ICPAC student with a school-leaving certificate, GCSEs or a university degree. They must then pass the prescribed professional competence examinations and complete three years of practical work experience. Alternatively, entry is also possible for members of recognised bodies of professional accountants in other countries. The ACCA – ICPAC joint examination scheme A significant part of the presentation concerned the cooperation between ACCA and ICPAC, which has been in place since 2004 through the ACCA – ICPAC Joint Examination Scheme. All students residing in Cyprus are automatically included in the Joint Examination Scheme, which follows the same syllabus and the same ACCA examinations internationally. The examinations are also held electronically. The programme includes: 13 ACCA papers, three papers relating to Cyprus legislation, a module related to professional ethics. The Cyprus papers are: LW – Cyprus Company Law, TX – Cyprus Taxation, ATX – Cyprus Advanced Taxation. As noted, the advantages of the Joint Examination Scheme include the possibility of studying from home, earlier completion of studies and examinations, lower cost, as well as the combination of studies with work. At the same time, students have access to lecturers in Cyprus, the option to select Cyprus papers, proximity to professional opportunities and the prospect of immediate employment. A broad range of duties and professional roles In practice, the professional accountant deals with the recording, processing, analysis, presentation and confirmation of financial information, with the aim of supporting decision-making. The main duties presented include: recording and managing financial information, maintaining financial records, monitoring the financial position and liquidity, costing, pricing and valuation of products, projects and activities, applying credit and liquidity policy, planning and budgeting, applying legislation, payments and payroll, social insurance, tax compliance and tax planning, VAT, valuation of investments, assessment of business options, risk management, KYC procedures, insolvency services, compliance and anti-money laundering, ESG, internal audit and assurance. The professional roles that a professional accountant may undertake are also numerous. They include the roles of accountant, auditor, tax adviser, business consultant, financial analyst, financial adviser, insolvency adviser, fund manager, chief financial officer, corporate executive, internal auditor, banker, compliance officer, corporate services provider, financial crime investigator, investment adviser and educator. The role of the auditor Separate reference was made to the role of the auditor and the importance of the audit of financial statements. As noted, an audit is a professional, independent and objective process of reviewing and expressing an opinion on the image presented by financial statements. It contributes to ensuring their completeness and accuracy, limiting financial fraud, strengthening regulatory compliance and applying International Standards on Auditing. The audit of financial statements is considered an essential tool for governments, authorities, businesses, banks, financial markets, investors, stakeholders in the economy, the commercial community and society in general, as it provides credibility and trust in financial information. The profession of tomorrow The presentation also highlighted the changes brought about by digital technology in the accounting profession. The professional accountant of tomorrow is called upon to operate in a more complex, digital and demanding environment, in which not only technical knowledge is required, but also digital skills, strategic thinking, critical and analytical ability, emotional intelligence, professional scepticism and market knowledge. Among the tools and applications now affecting the profession, the following were mentioned: audit and big data audit, data analytics, budgeting, payroll systems, accounts preparation systems, artificial intelligence, crypto currencies, Internet of Things, cloud computing, cyber security, risk management, risk analysis. As stressed, the accounting profession includes numbers, mathematics and statistics, but is not limited to them. It requires study, training, knowledge of legislation, professional ethics, consistency, responsibility, technology, interpersonal relations, professional networking and professionalism. Connection with the economy and the public interest The role of the accounting profession and financial services was presented as broader than day-to-day financial management. The profession is close to centres of decision-making, such as the European Union, the Government, the House of Representatives, the business community, institutions and other organisations, both in Cyprus and internationally. At the same time, it relates to international trends, directions, instructions and upcoming changes, affecting businesses, markets, investors, authorities, supervisors, financial organisations, society, governments, international bodies and the public interest. The main priorities of the profession are linked to: harmonisation of corporate practices and reporting, sustainable development, the green economy, transparency, ethics and professional conduct, governance, digital transformation, a fair society, the public interest. In this context, it was stressed that every young person who chooses this professional path can define their role, whether as an implementer or as a problem-solver, service provider, strategist, catalyst for change, mentor, leader and decision-maker. Strong interest from students and parents According to the organisers, the students showed strong interest and active participation throughout the presentation. The response of the participants was described as particularly encouraging, as students and parents expressed their satisfaction, while interest has already been shown in future events. CUT’s School in Paphos Since September 2023, the School of Tourism, Hospitality and Entrepreneurship Management of the Cyprus University of Technology has been housed in a modern building in Paphos. The modern infrastructure, combined with the strategic commitment to excellence, creates, according to CUT, an environment capable of effectively training tomorrow’s professionals in the labour market in the fields of Management, Hospitality and Entrepreneurship. The school’s aim is to develop strong synergies that upgrade the level of the higher diplomas offered, as well as the existing undergraduate and postgraduate programmes of study. An important development in the school’s growth path was also the establishment of the Academy of Tourism and Hospitality Professions, because of the absorption of the Higher Hotel Institute of Cyprus by CUT. This development was presented as a bridge between university education and professional training in the industry. Social role and partnerships Beyond its academic mission, the School of Tourism, Hospitality and Entrepreneurship Management develops, according to the presentation material, a substantive social role. Through actions and strategic partnerships with local government, public bodies, businesses and non-governmental organisations, the school promotes social cohesion, supports vulnerable social groups and strengthens environmental awareness. A characteristic example is the hosting of the Summer School of the Association of Economics Teachers of Cyprus for the second consecutive year at the school’s facilities in July. The operation of the programme in the school’s fully equipped building was presented as an important opportunity for students to acquire the appropriate tools before choosing their field of direction. Supporters of the workshop The supporters of the workshop are: the Youth Board of Cyprus, Noima Institute for Research and Skills Development, Junior Achievement Cyprus, the Municipality of Paphos, the Centre of Competence Development Cyprus. Thanks for the organisation At the end of the presentation, Myria Saparilla expressed thanks to Dr Annita Antoniadou, officer of the Cyprus University of Technology, as well as to the economics teachers Maria Charalambous, Maria Vryoni and Eleni Panayiotou. Reference was made to their excellent cooperation, support and contribution to the preparation and successful organisation of the event, as well as to the professionalism, dedication and practical interest they demonstrated. As noted, the cooperation of all those involved was a key factor in the smooth conduct of the event and in the meaningful briefing of participants on the accounting profession and the prospects it offers. The central message of the presentation was summed up in the concepts: vision, strategy and commitment. 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