The AAARS was established in 1996 and its membership is comprised of Authorized Auditors (AAs), Certified Accountants (CAs), and Certified Accounting Technicians (CATs). The activities of the association are overseen by the Ministry of Finance. The AAARS has the authority to implement programs for acquiring professional titles and issuing the relevant certificates to all members of the profession in Republika Srpska upon completion of the required education, examination, and practical experience requirements. It is also responsible for licensing CAs and CATs and establishing CPD requirements for its members (CPD requirement for auditors is established by law), and implementing investigation and disciplinary procedures for its members. The association collaborates with other regional professional accountancy organizations on the advancement of the profession and to translate IFRS, IFRS for SMEs, IPSAS, ISA, and the IESBA Code of Ethics. In addition to being a member of IFAC, the AAARS is a founding member of the Southeastern European Partnership on Accountancy Development and is also a member of Accountancy Europe.