The ICAM is the only professional accountancy organization in Malawi and all individuals practicing accountancy must join the institute. The institute was established in 2013 under the Public Accountants and Auditors Act (PAA) Act No 5 of 2013, which repealed the PAA 1982. ICAM was created through a merger of the Public Accountants Examination Council of Malawi and the Society of Chartered Accountants of Malawi, the preceding accountancy organization to ICAM. ICAM strives to maintain the highest professional standards in accountancy, through the education and training of its members to serve the business community, the government and the nation at large.