ICAP was established in 1961 to regulate Chartered Accountants (CAs) in Pakistan and its functions are established under the Chartered Accountants Ordinance of 1961 and ICAP Bye-Laws of 1983. ICAP’s responsibilities include i) establishing initial professional development (IPD) and continuing professional development (CPD) requirements for CAs; (ii) the operation of a quality assurance (QA) and investigative and disciplinary (I&D) systems; (iii) setting ethical requirements for its members; (iv) setting accounting standards as delegated and notified by the SECP; and (v) adopting and issuing auditing standards. The institute also awards the Associate Chartered Accountant and Fellow Chartered Accountant designations to members. CA’s are issued a Certificate of Practice by ICAP to conduct work as CAs. In addition to being a member of IFAC, ICAP is also a member of the Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA).