Roles and Types of accountants
Within Cyprus an individual is able to find many well-known firms as well as smaller individual firms that are able to provide accountancy services. However, people often are confused and struggle to understand what type of an accountant they need as they are unsure about each type’s responsibilities. Therefore, a list of each type of accountant that can be found in Cyprus is listed with a small description of their responsibilities and services that can provide to public.
Chartered Accountants are scholars that are usually been employed by companies. They are able to cover all types of finance work in business and commerce, financial services and banking, as well as for the public sector. Qualified Charter Accountants can be members of Institute of Chartered Accountants in Ireland (ICAI), Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants of Scotland (ICAS) so that they will have the licence of practise.
The key difference between a management, chartered and certified accountant is the fact that a management accountant is more involved in the strategic elements of a company and has responsibilities such as financial strategies, risk and control strategy and business strategy. However, now Chartered and Certified accountants are also moving forward to this as well. Qualified Management Accountants are members of the Chartered Institute of Management Accountants (CIMA)
Certified accountants are also capable to cover all types and to administer responsibilities of finance work within an organisation. However, unlike chartered accountants, they are more likely to be studying independently, while some of them (if not most of them) are also working and being sponsored by major firms. A qualification for those over 16 can be done and gained the title of a Certified Accountancy Technician. With an open entry; it leads to part two of the professional exams to be able to become a Certified Accountant. There is also a Diploma in Financial Management (DipFM) which is a postgraduate qualification specialised for managers who are require to have some specialist knowledge in accounting and finance. Qualified Certified Accountants must be members of the Association of Chartered Certified Accountants (ACCA)
Public finance accountants
Public finance accountants are likely and tend to work in public bodies such as local authorities, government, police and hospitals. They can also be members of Chartered Institute of Public Finance and Accountancy (CIPFA)
The “Accounting Technicians” is a term describing not qualified accountants; although they are able to do and pass the required exams in order to be. They usually work in supporting roles (as they are not qualified), but are able to have their own specialized ad professional bodies. A Certified Accountancy Technician qualification as stated before can be completed by any person over 16, where qualified Certified Accountant Technicians can be members of the Association of Accounting Technicians (AAT)