It was established with the following aims and purposes:
1.To enable the accountancy profession to discharge its public responsibilities more effectively;
2.To promote and maintain high professional standards in the accountancy profession;
3.To develop among its members high ideals of competence, ethical conduct, integrity and civic consciousness;
4.To foster cordial, harmonious and fruitful relations among its members;
5.To elevate the standards of accountancy education;
6.To guard against the practice of the profession by unauthorized persons or entities and in general;
7.To protect and enhance the integrity of the certificate of registration of the Certified Public Accountant;
8.To develop a treaty of friendship among its members.[2]