An organization for accountancy professionals, was founded in 1973 by the Decree Law No. 5 of 1981 on the Practice of the Auditing Profession. KAAA is directly responsible for (i) delivering initial and continuing professional development under the supervision of the MCI for members which includes Chartered Accountants and Auditors; (ii) managing and conducting professional examinations with the exam committee for the certification of accountants as well as auditors; and (iii) maintaining a registry of its members. In addition to being a member of IFAC, KAAA is also a member of the Accounting and Auditing Organization for Islamic Financial Institutions (AAAOFI).