Treasury of the Republic of Cyprus

    · The mission of the Treasury of the Republic of Cyprus is to oversee the lawful and responsible management of the public financial operations, by supporting the decision-making procedures and securing the effective implementation of the economic and fiscal policies. The ultimate aim of the Treasury is to serve the public interest.

      The main responsibilities of the Treasury of the Republic of Cyprus are the following:
    · The provision of a modern, comprehensive and effective framework which strengthens the trustworthiness of the financial and accounting transactions and of the financial information of the public sector;

    · The promotion of a sound financial management in the public sector; and

    · Securing an effective and transparent public procurement system, fully aligned with the European acquis.


      10 + 1 frequently asked question about the Treasury of the Republic of Cyprus

      1)
      Who appoints the Accountant General?

      According to the Constitution of the Republic of Cyprus, the Accountant General and the Deputy Accountant General are appointed by the President of the Republic and they are permanent civil servants until their retirement. The Accountant General is the Head of the Treasury of the Republic of Cyprus, which is an independent office. The Accountant General reports to the Council of Ministers.


      2)
      What is the relationship between the Minister of Finance and the Accountant General?

      The Minister of Finance is responsible for the economic policy and the rational management of the resources and liabilities of the Government. In carrying out his duties, he is supported by the Ministry of Finance and its departments, the Directorate General for European Programmes, Coordination and Development, and the Treasury of the Republic of Cyprus which is headed by the Accountant General.


      3)
      What is the constitutional role of the Treasury of the Republic of Cyprus?


      According to the Constitution, the Accountant General, who heads the Treasury of the Republic of Cyprus, and is supported by the Deputy Accountant General, manages and oversees all the accounting work in relation to the available funds and the rest of the assets whose administration is carried out either by the Republic or on its behalf, and to the liabilities that have been assumed by the Republic or on its behalf.


      4)
      What is the mission and the main responsibilities of the Treasury of the Republic of Cyprus?

      The mission and the responsibilities of the Treasury of the Republic of Cyprus are set forth above.

      5) What is the contribution of the Treasury of the Republic of Cyprus to the public financial management?

      The Treasury of the Republic of Cyprus, among other tasks, promotes the sound financial management of the Government, which includes the planning, organization, guidance and control of the economic activities and the resources of the Government. This is mainly achieved through providing support to the accounting and financial management functions of the Line Ministries / Departments / Independent Services of the Government, as well as via managing all public tenders, by acting as the Competent Authority for Public Procurement in the Republic. This support is based on the following three pillars:

      (α) the enactment of laws, regulations and procedures in relation to the financial management;

      (β) the provision and support of a uniform accounting system across the whole of the government; and

      (γ) the provision of human resources, specialization and expertise.

      Additionally, the Treasury of the Republic of Cyprus contributes to the administration and utilization of the assets of the Government, as well as to the administration of the liabilities.


      6)
      How does the Treasury of the Republic of Cyprus contribute to the reform of the public service?

      The Treasury of the Republic of Cyprus has designed and is in the process of implementing a number of important projects, in the context of the effort for the modernization of the accounting and financial management in the public sector.

      The most important such projects are:

      (a) the adoption of a new way of organizing the accounting personnel which is stationed at the Line Ministries and in their departments, by aggregating them on a Line Ministry level, for the purpose of achieving a more effective financial management;

      (b) the implementation of an enterprise resource planning system (ERP);

      (c) the introduction of the accrual basis of accounting in the Public Sector; and

      (d) the reform and modernization of the public procurement system.


      7)
      What is the organizational structure of the Treasury of the Republic of Cyprus?

      Please refer to the organizational chart of the Treasury of the Republic of Cyprus that can be found in the relevant link in our website.


      8)
      What is the difference between the Accountant General and the Auditor General?

      The Accountant General manages and oversees all the accounting work of the Republic and promotes a sound financial management. At the same time, she has a significant contribution in the internal control system, and supports the executive authority in the carrying out of its duties. The Auditor General, also appointed by the President of the Republic and the Head of the Audit Service, conducts independent external audits on the executive authority.


      9)
      In which way does the Treasury of the Republic of Cyprus promote transparency of the public financial transactions?

      Transparency of the economic transactions of the government allows the citizen to hold the governmental services more accountable. The principle of transparency has been incorporated, through regulatory provisions, in our legislative framework for financial management and control since 2014. By utilizing this tool, the Treasury of the Republic of Cyprus has effectively upgraded the quality of the financial information which is provided to the public.


      Through our website, and by taking into account the need for furnishing useful and prompt information, we provide the following financial information (
      Disclosure of Facts):

      - Disclosure on a yearly basis of the names of the natural and legal persons that receive amounts in excess of 1 million Euro from the Government, as well as of all transactions exceeding 5 thousand Euro for each Department / Service / Special Fund of the Government;

      - Implementation of the annual Government Budget;

      - Setting off of governmental income and expenses;

      - Payroll of state officials and permanent civil servants (including those who receive a fixed remuneration) by level and pay scale; and

      - Disclosure of the statement of Governmental Guarantees and other ancillary information.


      10)
      Where can I find the financial statements of the Republic of Cyprus?

      For the financial statements of the Government, along with the Fiscal Report (final review), please visit the relevant link in our website.


      11)
      Who shall I contact within the Treasury of the Republic of Cyprus in regards to a matter that concerns me?

      Please refer to the contact information section in our website.