Under the Law 633 of 1944 and the Decree 2032 of 1984, the ICPARD was established as an organization uniting Certified Public Accountants (CPAs). It is authorized to carry out specific regulatory responsibilities for CPAs and audit firms such as: (i) establishing accounting, auditing, ethical, and other professional standards for application; (ii) monitoring its members’ compliance with the Code of Ethics; (iii) maintaining registers of CPAs and firms; (iv) investigating and disciplining its members; and (v) promoting the advancement of the profession by establishing continuing professional development requirements for its members. CPAs and audit firms must be a member of the institute in order to practice accountancy in the jurisdiction. In addition to being a member of IFAC, the ICPARD is a member of the Inter-American Accounting Association (AIC) and the Group of Latin American Accounting Standards Setters (GLENIF).