MICPA is a professional body for accountants formed under the Companies Ordinances 1940/1946. It sets ethical requirements for use by its members, provides technical advice to regulatory bodies, and confers the Certified Public Accountant designation. In addition, as authorized under its By-Laws, MICPA has established both ethical requirements and an I&D system for its members. Membership in the institute is voluntary. There is a close working relationship between MICPA and MIA. In addition to being a Member of IFAC, MICPA is an Associate member of AFA.