WHEREAS, the government has decided to implement international financial reporting and auditing standards in governmental and private sectors, it has become necessary to have sufficient and qualified Certified Public Accountants;

WHEREAS, to have Certified Public Accountants and to promote the profession; it is necessary to establish an institution;

WHEREAS, it is necessary to have an Institute that represents the accountancy profession and the professionals both locally and internationally; WHEREAS, it is important to promote the accountancy profession and the professionals in order to protect the public interest;

NOW, THEREFORE, in accordance with Article 55 Sub Article (1) of the Constitution of the Federal Democratic Republic of Ethiopia, it is hereby proclaimed as follows.