The Institute of Chartered Accountants of Pakistan was established under The Chartered Accountants Ordinance, 1961 as a self regulatory body and it operates under the CA Bye Laws 1983.
ICAP is an examining body for the candidates aspiring to become Chartered Accountants. It regulates the accounting and auditing profession in Pakistan, which inter alia include:
Standard setting
Quality Control
Investigation
The ICAP is a member of International Federation of Accountants (IFAC), International Accounting Standards Board (IASB), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA)