ICPAI is the nation’s professional accountancy organization (PAO) uniting and supporting the accountancy profession throughout Israel. In July 1948, the forefather to ICPAI, the Society of Certified Accountants and Auditors in Israel was recognized by the Israeli government as the sole body that would represent the accounting profession in the country. Today, ICPAI’s membership is voluntary and is comprised of Certified Public Accountants (CPAs) licensed by the Auditing Council as well as other accountancy professionals. The Institute undertakes a variety of functions including: serving its members and developing the profession in Israel, advancing the accounting profession, developing and setting professional accounting and auditing standards, issuing and enforcing ethical rules, and strengthening the public confidence. The ICPAI is a founding Member of IFAC as well as a member of Accountancy Europe and the Federation des Experts Comptables Mediterranees (FCM).