A working meeting was held on Friday, 8 May 2026, between the Institute of Certified Public Accountants of Cyprus (ICPAC) and the Minister of Energy, Commerce and Industry, Michalis Damianos, in the presence of the Ministry’s Permanent Secretary, bKyriacos Iordanou.
Representing ICPAC were its President, Odysseas Christodoulou, Vice President Andreas Andreou, Director General Andreas Papadatos, and Chairman of ICPAC’s Energy Committee, Nikolas Iliadis.
The meeting took place in a particularly positive and constructive atmosphere, within the framework of the ongoing cooperation between the Ministry and ICPAC on matters of strategic importance for the Cypriot economy and the energy sector.
During the meeting, discussions focused on the procedures applied in conducting audits of companies involved in the exploration and exploitation of hydrocarbons operating in the Republic of Cyprus, with particular emphasis on the review of cost recovery statements. At the same time, views were exchanged on the need to strengthen mechanisms for oversight, transparency, and accountability in the energy sector.
In a statement following the meeting, ICPAC President Odysseas Christodoulou noted that “effective supervision and the implementation of robust audit procedures in the hydrocarbons sector are key prerequisites for ensuring the credibility and transparency of the state. ICPAC, as an institutional advisor to the State, remains committed to providing expertise and meaningful support to initiatives that promote good governance and safeguard the public interest.”
Both parties reaffirmed their commitment to continuing institutional dialogue and further strengthening their cooperation, with the aim of ensuring high standards of transparency, accountability, and efficiency in the country’s energy sector.
