The authority that supervises the profession in Israel is delegated by law to the Israel CPA Council. The council is a statutory body subordinate to the Ministry of Justice and headed by the general manger of the Ministry of Justice. The Auditors Law and the bylaws set accordingly regulate matters concerning licensing, exams, and continuous supervision of the profession in Israel.

The Institute of Certified Public Accountants in Israel is a voluntary body of licensed accountants which was established 77 years ago.
Presently, over 11,000 Israeli Certified Public Accountants are members of the Institute.

The Institute has various functions, such as:
• serving its members and developing the profession in Israel
• the advancement of the accounting profession,
• the development and setting of high quality professional accounting standards,
• the development and setting of high quality professional auditing standards,
• the issuing and enforcing of ethical rules
• the strengthening of public confidence.

In the area of education, the Institute provides continuing professional education and gives general assistance to its members with respect to a variety of matters, and undertakes projects in the general public’s interest.

The Institute publishes diverse and extensive publications including three professional magazines: “Taxes” which presents all issues regarding taxes and taxation in Israel, “The Accountant” and “The Profession in Israel” which present current events, essential information and updates regarding the profession in Israel.
“Taking into Account”, a monthly published by the Institute covers contemporary social and economical topics.

In addition to its involvement in advancing the profession and strengthening its activities, the Institute established an Awards and Scholarship Committee. The Committee gives scholarships, awards and financial assistance to needy students based on academic merit, as well as assistance to immigrants who hold a CPA license.

The Institute works alongside the community by actively volunteering in the following:
“Yad Vashem” -The Holocaust Memorial Museum, “Beit Levinshtein” – The Center for Vocational Rehabilitation, “Yad-Sarah” – Israel’s Network of Homecare Support, “Al-Sam” – The Anti Drug Abuse Society.

The Institute is involved in certain areas of fiscal lawmaking process in the Knesset and also acts as advisor to the bodies supervising government controlled companies, insurance companies, banks and other institutions on issues of professional standards and related matters.