The MonICPA was established in 1996 to represent Certified Public Accountants (CPA). The Law on Accounting establishes the responsibilities of MonICPA, which include implementing initial and continuing professional development requirements for CPAs; establishing ethical requirements for its members; translating and contributing to the adoption and implementation of international accounting and auditing standards; providing guidelines and materials to support the audit firms; and revoking the CPA credentials of auditors who breach the MonICPA Code of Ethics and applicable auditing standards. MonICPA also operates an investigative and disciplinary system for its members and its procedures is outlined within the institute’s Code of Ethics. In addition to being a member of IFAC, the MonICPA is a member of the Confederation of Asian and Pacific Accountants.