Object of the Institute
 The object of the Institute is to promote the study of accountancy and regulate the accountancy profession and practice in the country.

Functions of the Institute
To achieve the object under section 2, the Institute shall
(a) Regulate the practice of accountancy in the country;
(b) Certify persons who can practise as auditors;
(c) Prescribe and approve courses of study for the accountancy profession;
(d) Conduct or provide for the conduct of qualifying examinations for membership of the Institute;
(e) Regulate the training of accountant trainees;
(f) Regulate accounting firms and auditing firms;
(g) Keep, maintain and publish a register of Chartered Accountants, practitioners and practising accounting firms;
(h) Prescribe and maintain standards of professional conduct for members of the Institute and educate members of the Institute on the methods and practices necessary to maintain the standards of professional conduct;
(i) Monitor and evaluate the conduct of accountancy practice by members of the Institute and prescribe reports to be submitted by the members in relation to the conduct of accountancy practice;
(j) Establish a disciplinary code for, and enforce the disciplinary code among, members of the Institute;
(k) Promote and preserve the common interest and professional independence of the members of the Institute;
(l) Organise continuous professional development courses for members of the Institute including theory and practice of accountancy, financial management and related disciplines as a condition precedent for renewal of membership;
(m) Establish and maintain a library of books and periodicals including an electronic library on accountancy and related subjects;
(n) Encourage members of the Institute to publish books and periodicals relating to accountancy;
(o) Encourage research in accountancy and related subjects;
(p) Secure the advancement of the accountancy profession;
(q) Approve, adopt and promote the implementation of standards issued by independent standard setting boards endorsed by the International Federation of Accountants and specified in the First Schedule;
(r) Ensure compliance with International Public Sector Accounting Standards adopted by the Institute;
(s) Advise the Minister and accredited educational institutions
(i) On the appropriate curricula in accounting and auditing; and
(ii) On topical issues pertaining to the accounting profession and other relevant sectors of the economy; and
(t) Perform any other function ancillary to the object of the Institute.