The FCPAACT was founded in December 1946 and it is the only professional accountancy organization in Chinese Taiwan. The FCPAACT is a national federation representing four group member associations: the Taiwan Provincial CPA Association, Taipei City CPA Association, Taichung City CPA Association, and Kaohsiung CPA Association. The objectives of the FCPAACT are to enhance the functions of CPAs, improve the operational abilities of CPAs, contribute to economic development, promote international exchanges of research and experience to the accountancy profession, and to develop the career of CPAs in Chinese Taiwan. Membership in the FCPAACT is mandatory for all CPAs and CPA firms. The FCPAACT’s responsibilities as established under the Certified Public Accountant Act include maintaining a registry of all CPAs and CPA firms, implementing continuing professional development requirements, establishing quality assurance (QA) and investigative and disciplinary (I&D) systems, and prescribing national ethical requirements.