Governing Bodies

The governing bodies of the IACPA are as follows:

High Council

The High Council is comprised of eleven experienced and expert CPAs elected from within the members, by the members, for a three years term. Three additional members also attend the meetings however do not hold voting rights: one delegate appointed by the Minister of Economic Affairs and Finance, one by the Stock Exchange Council, and one by the High Council of Banks. The High Council is the highest governing body and is responsible for matters such as setting the strategies of the IACPA, the approval of plans and manuals, the annual budget, financial statements of the IACPA, the appointment of the Board of Directors and Disciplinary Board members. Approval of specialized committee members’ competency, determining membership fees and performing professional oversight through specialized committees are also part of the High Council’s duties.

Board of Directors

The Board of Directors is comprised of three CPAs selected from within the members of the Association and is appointed by the president of the High Council for a three years period. The High Council appoints one of the members of the board as Chief Executive Officer and Secretary General, who will handle the Association’s affairs on a full-time basis.

Supreme Oversight Board

The Supreme Oversight Board is comprised of one chief and two members, all CPAs, appointed from within the members of the Association by the Minister of Economic Affairs and Finance for a two years term. The Board has the duties of examining and expressing an opinion on the fairness of information reported by the Board of Directors, annual financial statements of the IACPA, the performance of the Association and its members, and also to submit regular reports of its activities to the Minister of Economic Affairs and Finance, High Council and the Board of Directors, as necessary.

Specialized Committees

The Association’s oversight over its members is done via its Specialized Committees under the supervision of relevant governing bodies. The function of the members proposed by the Board

of Directors for Specialized Committees is to review, express an opinion, and report to relevant governing bodies. Specialized Committees’ opinions are expressed based on the IACPA Act

and Regulations and are of advisory nature. To better deal with specialized duties, the IACPA has formed the following committees made up of well- experienced CPAs:

- Laws and Regulations Committee;

- Audit Firms Committee;

- Quality Control Committee;

- Tax Committee;

- Learning and Training Committee;

- Code of Professional Ethics Committee;

- Technical and Standards Committee;

- Money and Capital Market Committee;

- Internal and Operational Auditing Committee;

- Development of Business and Accountability

Culture Committee; and

- IT Committee.