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 Affairs of ICAP are governed by a Council comprising of 19 members. 15 members of the Council are elected by ICAP members and 4 council members are nominated by the Federal Government. Current nominees of the Government are Chairman SECP, Deputy Auditor General of Pakistan, Secretary Planning and Development (formerly Chairman FBR) and Secretary Finance. Apart from its core functions, ICAP contributes in promoting corporate governance, formulating economic policies of Federal and Provincial Governments including federal budget making with specific focus on taxation.