ICMAP was established in 1951 and was granted statutory status under the Cost and Management Accountants Act of 1966 to regulate Cost and Management Accountants in Pakistan. ICMAP is a professional body for Cost and Management Accountants in Pakistan and its responsibilities include administering the Cost and Management program and establishing initial professional development and continuing professional development requirements for its members, setting ethical requirements, and establishing a QA and I&D system to monitor its members. ICMAP awards the Associate Cost and Management Accountant and Fellow Cost and Management Accountant designations. Under the Companies Ordinance of 1984, certain manufacturing industries in Pakistan are to be audited by individuals who are both members of ICMAP and the Institute of Chartered Accountants of Pakistan. In addition to being a member of IFAC, ICMAP is a member of Confederation of Asian and Pacific Accountants and South Asian Federation of Accountants.