LACA was founded in 1994 according to the Law on Sworn Auditors of January 22, 2004. The aim of LACA is to facilitate the development of audit profession at the national level. LACA has a wide range of responsibilities according to the Law on Audit Services including: (i) organizing professional education and examination; (ii) issuing licenses for audit firms and certified auditors and conducting quality assurance of their work; (iii) organizing continuing professional education; (iv) reviewing disputes; and (v) maintaining registers of auditors, including audit firms and individuals. Apart from IFAC membership, LACA also is a member of Accountancy Europe.