The ICARNM was established under the Audit Law of 2005. ICARNM’s mandatory membership is comprised solely of auditors, certified auditors, audit firms, and certified auditors–sole proprietors. The responsibilities of the Institute are stated in the Audit Law of 2010 as the following: (i) maintaining registries of auditors, certified auditors, audit firms, and certified auditors – sole proprietors as well as registries of those whose license have been revoked; (ii) organizing and conducting examinations for auditors; (iii) issuing auditor’s certificates; (iv) developing and delivering CPD activities; (v) enforcing compliance with applicable auditing and ethical standards; (vi) translating the ISA, IESBA Code of Ethics, and ISQC 1; (vii) initiating I&D procedures for members; (viii) carrying out QA reviews; and (ix) undertaking any other activities which promote high professional standards and improve the quality of auditing services. ICARNM became an IFAC Member in 2013 after being an Associate since 2010.